Citi Securities Services to Transform into Digital Custodian on BondbloX Bond Exchange

Citi Securities Services has announced its partnership with BondbloX Bond Exchange (BBX), becoming the first digital custodian participant of the fractional bond exchange. BBX, which was launched in 2020, aims to simplify bond investing by enabling investors to track and trade bonds electronically using distributed ledger technology.

The partnership with Citi allows eligible clients to become BBX participants and begin trading bonds immediately, with Citi providing seamless settlement and custody services. Citi was initially chosen by BondbloX as custodian for the underlying bonds traded on its exchange as fractionalized assets.

The extended partnership between the two companies unlocks additional opportunities and benefits for Citi’s clients and BBX participants. In addition to the services of a digital custodian, participants gain wider access to the global bond market, enabling greater diversification of their investment portfolios. They also benefit from immediate, atomic settlement at the point of trade execution.

Dr. Rahul Banerjee, CEO and Co-Founder of BondbloX, expressed excitement about the partnership, stating that it will enable Citi’s clients and others to enjoy the full benefits of bond trading, with the support of Citi’s securities services.

Nadine Teychenne, Head of Digital Assets for Citi Securities Services, highlighted the expertise and global presence of Citi Securities Services, which currently holds approximately USD $27.8 trillion of assets under custody, administration, and trust worldwide.

Citi continues to develop digital asset solutions aligned with its goals and risk appetite, using shared technology capabilities and a common strategic approach. These solutions enhance Citi’s product and service offerings, including digital money, trade, securities, custody, asset servicing, and collateral mobility.

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