Citigroup is set to expand its financial services to include crypto custody tapping into the burgeoning demand for digital asset management. Following a successful proof of concept for tokenizing private equity funds on blockchain the bank is moving decisively into the crypto space. This positions Citigroup alongside other top-tier financial institutions in harnessing blockchain’s potential.

Several leading banks are already deep into digital asset custody. BNY Mellon has secured regulatory nods to manage a wider array of digital assets while Standard Chartered has opened a digital asset facility in Dubai. As regulatory landscapes evolve institutions like HSBC Crédit Agricole and Banco Santander are also advancing their crypto custody solutions enhancing offerings to meet institutional needs.

With $44.3 trillion in assets under management State Street’s collaboration with Taurus marks another significant move fostering the integration of traditional financial services with blockchain technology. These developments underscore a major shift as more banks embrace digital assets reflecting growing confidence in cryptocurrency as a legitimate and valuable part of the financial sector.

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