As part of the launch of its new Custody+ platform, Citi Investor Services says it plans to support cryptocurrency custody later this year, starting with Bitcoin. Clients will have an integrated experience where they can access both crypto and traditional custody. Citi is one of the world’s largest custodians, holding assets under custody and administration of $34.5 trillion at the end of June.
When Citi launches its digital asset custody it will become the largest US bank (by assets) to do so, although BNY has significantly more assets under custody. Among the top ten US banks, so far only BNY and US Bank are live with crypto custody.
One of the reasons was SAB 121, an SEC accounting rule formulated under Chair Gensler that made it financially prohibitive for banks to provide custody. That was rescinded early last year. BNY launched its solution in 2022 despite the rule and received a waiver in 2024, but other banks that were working on solutions put their plans on hold, including State Street. Last year JPMorgan said providing crypto custody was not a near term priority.
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