Citi Makes History as First Digital Custodian for BondbloX Blockchain Bond Exchange

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Citi Securities Services recently hit a groundbreaking milestone by becoming the first digital custodian participant of the BondbloX Bond Exchange network.

The partnership, announced via a press statement on Sept. 14, will enable Citi to make bond trading more accessible to a larger part of the investor community.

Citi’s Love Affair with Bondblox

Launched in 2020, Bondblox Bond Exchange is a platform leveraging distributed ledger technology to make bond investments accessible by fractionalizing full-sized bonds, hence democratizing access to bond trading.

The affair between Bondblox Exchange and Citi began in 2021 when the latter was selected as the custodian for the bonds issued and traded through the former’s exchange.

The expanded relationship will provide numerous benefits for Citi’s clients and other BBX participants, including access to digital custodial services, wider access to the global bond market, and immediate atomic settlement at the point of trade execution.

This BBX-Citi collaboration will allow eligible clients to trade fractional and full-sized bonds on BBX, with Citi providing comprehensive settlement and custody services.

When speaking about the partnership, Global Head of Custody for Citi Securities Services, Matthew Bax, said;

“Today’s announcement demonstrates our commitment to investing in the future of digital financial market infrastructure (FMI) by building products and services to support the current and future needs of our clients… We are committed to partnering with BondbloX on their journey to transform and simplify bond trading and investing.”

The co-founder and CEO of BondbloX, Dr Rahul Banerjee, made comments on the partnership, highlighting how digital custody will help in the revolution of the bonds market by adding a layer of transparency and accessibility. Dr Banerjee mentioned that BondbloX’s partnership with Citi will enable the latter’s clients to see the wholesome benefits of trading bonds.

Citi Focusing on the Future

Citi reiterated its commitment to the future of digital financial market infrastructure (FMI) by developing innovative products and services. Matthew Bax, Global Head of Custody for Citi Securities Services, highlights the firm’s partnership with BondbloX, aiming to revolutionize bond trading and investing.

With approximately $27.8 trillion of assets under custody, administration, and trust worldwide and a leading proprietary network spanning more than 60 markets, Citi Securities Services continues its commitment to providing cross-border support.

Perhaps in a move to secure its future, Citigroup is doing some in-house managerial and structural changes – the largest in the past 25 years. According to reports, this reorganization will lead to job cuts as the bank seeks to simplify organizations.


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