Citi To Launch Bitcoin Custody For Institutional Clients Later This Year
Citi Investor Services will launch Bitcoin custody later this year as part of its new Custody+ platform. Citi will become the largest U. S. bank by assets to offer crypto custody, joining BNY and US Bank . . . .
Citi Investor Serviceswill launchBitcoincustody later this year as part of its new Custody+ platform. Citi will become the largest U. S. bank by assets to offer crypto custody, joiningBNYandUS Bank. The SEC rescinded an accounting rule known as SAB 121, which had previously made it financially prohibitive for banks to provide custody. Citi Investor Servicesannounced plans to support cryptocurrency custody later this year, starting with Bitcoin, as part of the launch of its new Custody+ platform. Clients will receive an integrated experience to access both crypto and traditional custody from one of the world’s largest custodians, which held assets under custody and administration of $34. 5 trillion at the end of June. - Advertisement -When launched,Citiwill become the largest U. S. bank by assets to offer digital asset custody. However,BNYholds significantly more assets under custody and launched its solution in 2022, obtaining a waiver in 2024 despite the SEC’s SAB 121 accounting rule. Among the top ten U. S. banks, onlyBNYandUS Bankare currently live with crypto custody. The SEC’s SAB 121 rule, formulated under Chair Gensler, had made it financially prohibitive for banks to provide custody. BNYlaunched its solution despite the rule, but other banks likeState Streetput their plans on hold while the regulation was in effect. JPMorganstated last year that providing crypto custody was not a near-term priority. The SEC rescinded SAB 121 early last year according to reports, removing a primary obstacle for major banks entering the crypto custody space. Consequently,Citi’smove signals a potential shift among large financial institutions. ✅ FollowBITNEWSBOTonTelegram,Facebook,LinkedIn,X. com, andGoogle Newsfor instant updates. - Advertisement -Previous Articles:Skepticism Grows Over Tesla Cybercab Safety ClaimsAave Loses 43% of Assets Since April KelpDAO HackKraken Launch Crypto-Fiat Debit Card with up to 2% Bitcoin CashbackCity Forum campaign steals data via Salesforce, ServiceNow guest accessCiti Bank to Launch Bitcoin Custody+ Service for ClientsStay in the Loop🔥Join 1. 2K Smart TradersGet exclusive crypto insights, breaking news, and market analysis delivered straight to your inbox. No fluff, just facts.