Citi plans to launch a crypto custody service in 2026.

Citi, as one of the leading banks on Wall Street, aims to launch its own crypto custody service in 2026. According to a report by CNBC, it has been stated that the bank has been working on this digital asset custody solution for approximately three years. With this step, Citi will be able to directly hold crypto assets such as Bitcoin (BTC) and Ethereum (ETH) on behalf of its clients.

Biswarup Chatterjee, Head of Innovation in Global Partnerships and Services at Citibank, indicated that the project has been developed quietly for a long time. Chatterjee stated, "We aim to launch a reliable custody solution that we can offer to our clients in the next few quarters." This service is seen as a significant step in facilitating access to crypto assets for traditional financial institutions.

Citi plans to work on a hybrid model rather than fully implementing the project with its own technology. While the bank will develop some tools in-house, it considers leveraging "light, agile, and third-party solutions" for others. Chatterjee mentioned, "We are not completely dismissing any options."

Additionally, Citi is exploring the possibility of issuing stablecoins, not just limiting itself to custody services. Citi CEO Jane Fraser emphasized during a balance sheet call in July that their primary focus is on tokenized deposits. In recent weeks, news has emerged that Citi Ventures invested in a startup called BVNK, which works on stablecoin payments in collaboration with Visa. This move continues the bank’s previous experiences in blockchain-based trade finance and cross-border payment systems.

If the plan comes to fruition, Citi will be one of the few traditional financial institutions offering crypto custody services. This situation indicates that Wall Street's interest in crypto assets has deepened not only in terms of investment but also on the infrastructure side.