Citicorp is preparing to provide a bitcoin hosting service through the Custody+ platform and continues to expand its digital asset operations to corporate clients. The service will support bitcoin and then add more digital assets.
Open to corporate clients first
According to the disclosure, Custody+ will provide 24-hour access, key security management and faster clearance processes. Citi also plans to link the secure asset hosting with existing reporting, tax and asset-keeping processes to facilitate the processing of related operations by institutional clients within the same operating system.
Host integration with existing processes
This means that, in holding Bitcoin, the institution does not have to rely entirely on an independent encrypted original service provider, but can do part of the hosting and operation within the traditional banking system. Such integration is often more conducive to internal compliance and day-to-day management for large-scale regulators, corporate finance and other professional investors.
Traditional banks continue to be close to the digital asset market.
Citigrouping the hosting services this time also reflects the continuing expansion of the traditional financial infrastructure to the institutional digital asset market. The connection between digital assets such as Bitcoin and the existing financial system is deepening as banks, trustees and clearing services become progressively accessible.
The information currently disclosed is focused on the range of services and functional design, and a more complete list of online rhythms and subsequent assets is not yet available.