Summary
- Citibank said it plans to launch a Bitcoin (BTC) custody service for institutional investors by the end of this year.
- Citi said its goal is to build institutional-grade key management and wallet infrastructure so clients can use Bitcoin within the same systems they use for traditional assets.
- It added that survey results showed many clients would rather invest in Bitcoin within a familiar banking system than manage wallets and private keys themselves.
Forecast Trend Report by Period
Citibank said it plans to launch a Bitcoin (BTC) custody service for institutional investors by the end of this year.
According to CoinDesk, a digital-asset (cryptocurrency) industry media outlet, Citi’s head of digital-asset custody products Nisha Surendran said in a speech at the World Strategic Forum that "this plan is part of an effort to make Bitcoin a medium for bank transactions."
She explained, "We will start by building institutional-grade key management and wallet infrastructure," adding that "the ultimate goal is to enable clients to use Bitcoin within the same systems they use for traditional assets."
She also said, "We will provide a single service model across digital assets, securities and other financial assets," adding, "Survey results showed many clients did not want to manage wallets, private keys, one-time-use addresses and the like themselves. Instead, many responded that they want to invest in Bitcoin within a familiar banking system."
The remarks are seen as an example of the traditional financial sector stepping up efforts to integrate digital assets into existing financial infrastructure.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
