Citigroup is exploring the addition of crypto custody companies to its choices, in accordance with individuals accustomed to the matter cited by The Data.
The financial institution’s curiosity in crypto custody follows its February 14, 2024 announcement of a profitable proof of idea mission that demonstrated the flexibility to problem and custody tokenized variations of personal fairness funds on a blockchain community.
“Coinbase is in talks with banks to supply custody and buying and selling companies as a associate. However many banks will nonetheless want additional regulatory approval, equivalent to from the Fed and NY DFS,” mentioned The Data reporter Yueqi Yang.
Citigroup, which holds roughly $2.4 trillion in complete belongings as of 2024, joins a number of main monetary establishments increasing into digital asset custody.
BNY Mellon has obtained regulatory approval for digital asset custody past Bitcoin and Ethereum ETFs, whereas Commonplace Chartered launched a digital asset custody facility in Dubai.
HSBC has introduced plans for an institutional-grade custody service, and Crédit Agricole and Banco Santander’s three way partnership secured crypto custody approval in France.
State Avenue, which manages $44.3 trillion in belongings below custody or administration, introduced a partnership with Taurus to launch crypto custody and tokenization companies for institutional traders in August.
