Banking giant Citi plans to launch a crypto custody service by 2026 that will target a growing customer base that is interested in interacting with digital assets, as per a CNBC report.
Global head of partnerships and innovation Biswarup Chatterjee stated that the custody service has been in development for two to three years, and that the company is continuing to explore various possibilities, and that the company should finally have a marketable product that they can offer to asset managers and customers.
The update marks a departure from traditional attitudes adopted by financial institutions toward digital assets, which typically shy away from the asset class due to its volatility and lack of transparency in earlier years of development.
Custody services allow clients to place their cryptocurrency in the hands of financial intermediaries who have experience holding large amounts of assets.