Citi explores adding crypto custody services
Key Takeaways
Citigroup is exploring adding crypto custody services, becoming a member of different main banks.
State Street, BNY Mellon, and others are increasing into digital asset custody.
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Citigroup is exploring the addition of crypto custody services to its choices, in keeping with individuals aware of the matter cited by The Information.
The financial institution’s curiosity in crypto custody follows its February 14, 2024 announcement of a profitable proof of idea venture 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 offer custody and trading services as a partner. But many banks will still need further regulatory approval, such as from the Fed and NY DFS,” mentioned The Information reporter Yueqi Yang.
Citigroup, which holds roughly $2.4 trillion in whole belongings as of 2024, joins a number of main monetary establishments increasing into digital asset custody.
BNY Mellon has acquired regulatory approval for digital asset custody past Bitcoin and Ethereum ETFs, whereas Standard 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 Street, which manages $44.3 trillion in belongings underneath custody or administration, introduced a partnership with Taurus to launch crypto custody and tokenization services for institutional buyers in August.
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