Citi advances crypto custody plans with 2026 launch in sight

Citi has reportedly entered the final stages of developing a credible crypto custody solution, with executives aiming to bring the service to its asset manager clients within the next several quarters for a full launch by 2026.

On Oct. 13, CNBC reported that Biswarup Chatterjee, Citi’s global head of partnerships and innovation, confirmed the 2026 target, revealing the bank has been architecting this service for the past two to three years.

Chatterjee stated the bank is pursuing a hybrid model, weighing both in-house developed technology and partnerships with third-party firms to build a solution capable of holding native cryptocurrencies for institutional clients.

“We may have certain solutions that are completely designed and built in-house that are targeted towards certain assets and certain segment of our clients, whereas may we may use a … third party, lightweight, nimble solution for other kind of assets,” Chatterjee told CNBC.

Citi creates a regulated path to crypto custody

Citi’s custody play can be seen as a risk mitigation service for institutions spooked by the history of exchange collapses and digital asset theft. By holding the native cryptocurrency itself, Citi aims to leverage its status as a heavily regulated entity with a long track record in safeguarding traditional assets.

This bank-grade approach offers a stark alternative to the technical pitfalls of self-custody or the counterparty risks associated with some crypto-native platforms. The sheer scale of Citi’s existing custody business provides a foundational layer of trust and operational resilience that is still rare in the digital asset space.

Notably, the development deepens Citi’s ongoing pivot toward blockchain-based financial infrastructure. Its crypto custody plans arrive as Wall Street peers like JPMorgan and Bank of America advance their own digital asset initiatives, from blockchain payment rails to tokenized deposits.

Just days before Monday’s announcement, reports surfaced that Citi had joined a consortium of banks, including Goldman Sachs, Deutsche Bank, Bank of America, and Santander, to explore stablecoin applications. The bank also recently invested in BVNK, a U.K.-based stablecoin infrastructure firm, signaling an intent to play a more active role in shaping the plumbing of digital finance.