Simply put
- Major bank Citi is set to launch a cryptocurrency custody service in 2026, as reported by CNBC.
- This bank has been particularly active in exploring various digital asset services.
- Other mainstream banks are also diving into the digital asset realm, offering everything from stablecoins to cryptocurrency trading for clients.
Citi is reportedly gearing up to introduce a custody service for crypto assets in 2026. This aligns with a broader trend of traditional financial institutions increasingly engaging in the digital asset market.
In an interview, Biswarup Chatterjee, who leads global partnerships and innovation at Citi, mentioned that the bank has been working on digital asset custody services for several years now.
Citi did not respond immediately for comment. Chatterjee expressed that these future custody services would involve holding digital currencies and tokens for clients.
“We look forward to offering a reliable storage solution for asset managers and other customers soon,” Chatterjee stated.
This initiative signifies a step by conventional banks further into the digital asset sphere.
Following the U.S. Securities and Exchange Commission approving Bitcoin and Ethereum exchange-traded funds managed by major firms like BlackRock and Fidelity, several leading American banks have shown interest in the digital asset sector.
JP Morgan has made notable strides in stablecoin development, while Morgan Stanley is focusing on enabling customers to trade digital coins such as Bitcoin, Ethereum, and Solana through its E*Trade platform.
Recently, several prominent banks including Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, Bank of Mitsubishi UFJ, TD Bank Group, and UBS came together to explore a “1:1 reserve-backed form of digital money,” or stablecoins.
This year, a range of crypto-friendly regulations have been introduced amidst the easing of strict enforcement in the cryptocurrency sector.
It’s worth noting that previous U.S. administrations tended to be more cautious, and sometimes even antagonistic, towards the cryptocurrency landscape.
