TechFlow news, October 14 — According to CNBC, Citibank plans to launch cryptocurrency custodial services by 2026. Biswarup Chatterjee, Head of Global Partnerships and Innovation for Citibank's Transaction Services, said the bank has been developing its cryptocurrency custody service for two to three years and has made progress.
Chatterjee said: "We aim to bring a credible custody solution to market within the next few quarters, serving asset management firms and other clients." The custody service will involve Citibank holding native cryptocurrencies.
Regarding the technology approach, Citibank is considering both in-house development and partnerships with third parties. Chatterjee said fully in-house designed solutions might be used for specific assets and client segments, while lightweight third-party solutions could be adopted for other asset types.
