Citigroup plans to offer Bitcoin custody to institutional clients later this year through its Custody+ platform. The service would place Bitcoin alongside traditional assets such as stocks and bonds under a single custody framework, letting clients access custody, settlement, foreign exchange, cash and liquidity services through one system. Citigroup has not disclosed an exact launch date or the first client list. The bank said Custody+ will also provide real-time settlement, FX services, automated hedging, cash management and liquidity tools. Single Event Processing in its custody system currently handles more than 80% of event volume in real time, and in the U.S. it has cut processing times for some voluntary corporate actions by as much as 92%, with 96% of related events completed within two hours. Chris Cox, head of Citi Investor Services, said Citi invests more than $2 billion a year in its Services platform.
Citigroup plans Bitcoin custody for institutions
Citigroup plans to roll out Bitcoin custody for institutional clients later this year through its Custody+ platform, according to Odaily. The service would place Bitcoin in the same custody framework as stocks, bonds and other traditional assets, giving clients access to custody, settlement, foreign exchange, cash and liquidity services through one system.
Bitcoin will be the first digital asset supported by Citi's new custody service. The bank has not announced an exact launch date or named the first clients.
Custody+ will add settlement, FX and liquidity tools
Citigroup said Custody+ will offer real-time settlement, foreign exchange services, automated hedging, cash management and liquidity tools.
In Citi's custody system, Single Event Processing currently handles more than 80% of event volume in real time. In the U.S., the system has cut processing times for some voluntary corporate actions by as much as 92%, and 96% of those events are completed within two hours.
Chris Cox, head of Citi Investor Services, said Citi invests more than $2 billion a year in its Services platform. (Bitcoin News)
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