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Citi will launch Bitcoin escrow service, Wall Street accelerates its entry into cryptocurrencies

2026-08-19 01:00:14
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Citibank is embarking on integrating Bitcoin custody services with traditional assets to advance its digital asset infrastructure. The bank announced on Tuesday that the service will be included in its suite of custody and settlement tools called Custody+. Citi said customers can access custody services for traditional securities and cryptocurrencies through the same system.

This news further expands Citi's plan disclosed in October last year to launch an institutional-level Bitcoin escrow service in 2026. "Custody+ is the result of years of investment in infrastructure designed to match the pace of customer strategies," Amit Agarwal, director of custody at Citi's Investor Services, said in a statement."Every solution we design is designed to help customers simplify their operating models in an increasingly complex operating environment."

Citi points out that more than 80% of the event volume in its asset services business is now processed in real time. Its Citi Token Service platform also allows customers to transfer tokenized deposits in selected markets around the clock and near instant. "As the industry continues to transform from traditional architecture to next-generation architecture, Custody+ is our response to the changing needs of our customers," Agarwal added.

The announcement comes as several large banks are expanding their digital asset businesses. In January this year, the New York Stock Exchange said it was working with Citigroup and Bank of New York Mellon to build a blockchain-based platform to support tokenized stocks and exchange-traded funds. In February this year, Morgan Stanley applied for a national trust bank license for an entity that intends to provide cryptocurrency custody services.

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