Citi Bank is launching a Bitcoin Custody+ Program, which will let clients store Bitcoin with other assets. Wall Street’s largest bank announced this morning that they are preparing for the launch of digital asset custody at the end of 2018. Bitcoin is to be supported as the first cryptocurrency.
This press release was published on 18 August indicated Custody+ is a set of services that will be available in near and real time to support the financial markets as they move towards continuous trading and quicker settlement. “Digital assets already operate on near-instant settlement, 24/7. Citi expects to go live with digital asset custody later this year, starting with the custody of Bitcoin. This is being built on Citi’s common digital asset architecture, and we will offer a one-stop custody experience. Clients will access traditional and crypto custody capabilities within the same framework for an integrated experience.”
Citi Custody+ is a result of Citibank’s successful completion of US Single Event Processing, which was a major part of the overhaul of custody infrastructure. Citi reported that more than 80 percent of the total volume of events across its entire network are now being processed in real-time. In the US, processing times for voluntary corporate actions have been reduced by as much as 92%. 96% are processed within 2 hours.
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Citi Bank, too, has been a public supporter of cryptocurrency in the past few months. The launch of Custody+ provides further evidence of this. Only last week, the bank called For the US Senate pass the new crypto legislation. Jane Fraser, CEO of Citigroup, expressed her support in an interview on Fox Business for the U.S. Digital Asset Market Structure legislation.
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Source: watcher.guru
