Citi to Launch Bitcoin Custody Service Custody+ Later This Year

Citi is set to debut a bitcoin custody service called Custody+ later this year, letting institutional investors hold traditional assets and bitcoin within a single framework. The bank said the offering is part of a broader push into digital assets as U.S. regulators take a friendlier approach to crypto.

Inside Custody+

Custody+ is designed to let clients process every asset servicing transaction through one seamless flow, with continuous, near-instant visibility across servicing, settlement, FX, cash, and data. Clients can also plug in digital assets or build their own offerings on top of Citi's rails. The service runs parallel to Citi Token Services, which handles real-time cross-border payments using tokenized deposits.

Chris Cox, head of investor services at Citi, said the service is a direct result of the bank's investment in infrastructure. “Custody+ is a clear example of this investment as we build infrastructure to eliminate latency and drag for institutional investor clients,” he said.

Why now

Citi first announced plans for the custody service last year and has been developing it for several years. The launch comes as American banks increasingly move into digital assets, helped by friendlier legislation and a pro-crypto stance from U.S. regulators. Citi's CEO Jane Fraser told lawmakers the bank is a “leader in digital assets” regarding the Clarity Act, a bill that aims to define which tokens count as securities versus commodities.

Fraser added that while the legislation needs improvements, the bank wants “a good bill to go through.” That vote is scheduled for September.

Beyond custody

Custody+ sits alongside Citi's other blockchain work. The bank has been exploring a stablecoin product with Deutsche Bank, Goldman Sachs, and Bank of America. The tokenized deposit service is already in use for cross-border payments, giving Citi a running start in the digital asset space.

The vote ahead

Lawmakers will vote on the Clarity Act in September. If it passes, it would give banks like Citi a clearer regulatory path for holding digital assets. For now, Citi is moving ahead with Custody+, betting that institutional clients want a single home for both old and new asset classes.