New player. American banks are switching to cryptocurrency one after the other and today, Citi has just announced it. After Morgan Stanley which opens ETFs to its clientsJPMorgan which makes purchasing easier for its customers or Bank of America who wants to launch their own stablecoinit is another size of the US banking sector which is now looking into a crypto custody service. Probably nothing.
The key points of this article:Citi Bank has announced the development of a custody service for digital assets, with a launch planned for 2026.
Major American banks, such as JPMorgan, Morgan Stanley and Bank of America, are intensifying their involvement in cryptocurrencies by developing innovative services.
Citi Bank prepares to launch crypto custody service
According to a CNBC publication, Citi Bank would therefore be in the process of developing a custody service for digital assetswith a launch planned for 2026. This initiative, carried out for two to three years, aims to offer a solution for garde secure for asset managers and other clients. In practice, this will allow Citi to hold cryptocurrencies on behalf of its clients and it was the management which announced it on television:
“We are doing different types of exploration… and we hope that over the next few quarters we will be able to bring to market a credible custody solution that we can offer to our asset managers and other clients”
Biswarup Chatterjee, Global Head of Services Partnerships and Innovation at Citi – Source: CNBC
The American media shares its scoop on social networks – Source: Compte
American banks taking on cryptocurrencies
Citi is obviously not the only financial institution diving deeper into cryptocurrencies. Other banking giants are also exploring the sector. For example, JP Morgan is working on the development of its stablecoin, the JPM Coin. For his part, Morgan Stanley plans to allow its customers to trade cryptocurrencies via its E*Trade platform. More recently, it is the investment bank Goldman Sachs which announced the opening of its crypto offer to its wealthy clients. At the same time, several large banks, including Santander Bank, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Banket Goldman Sachshave also indicated that they are collectively exploring the creation of a stablecoin backed by 1:1 reserves. Cryptocurrency has become an essential subject for traditional banks. Faced with growing demand from institutional investors and individuals, these institutions have no choice but to adapt. By offering custody services or developing their own stablecoins, banks are seeking to take advantage of this growing market, but also to benefit from new revenues. while improving their various processes.