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Citi Group is preparing to enter the crypto custody market, joining JPMorgan Chase and Bank of America in expanding digital asset services amid a friendlier U.S. regulatory climate, according to a report from CNBC.
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Biswarup Chatterjee, global head of partnerships and innovation for Citi’s services division, said the bank aims to offer a “credible custody solution” for institutional clients, including asset managers:
“We have various kinds of explorations… and we’re hoping that in the next few quarters, we can come to market with a credible custody solution that we can offer to our asset managers and other clients. We may have certain solutions that are completely designed and built in-house that are targeted towards certain assets and certain segment of our clients, whereas we may use a … third party, lightweight, nimble solution for other kind of assets… So we’re not currently ruling out anything.”
Citi’s crypto custody plans have been in development for several years as part of a broader strategy to expand its digital asset infrastructure. The bank’s upcoming offering would allow clients to store and manage cryptocurrencies securely under regulated conditions.
The firm is reportedly examining a hybrid model — combining proprietary custody systems for specific asset classes with third-party trust arrangements for others. This approach would allow Citi to scale services for different client needs while managing risk efficiently.
Chatterjee also confirmed that Citi is studying the potential launch of a stablecoin as part of its long-term digital asset strategy. If introduced, the token would be used for internal settlements and client transactions, aligning Citi with other major institutions experimenting in blockchain-based payments.