Citi Considers Launching Crypto Trading, Custody and Financing Services

Citi enters the crypto industry, who’s next?

Citi Considers Launching Crypto Trading, Custody and Financing Services

Banking giant Citigroup is considering launching crypto trading, custody and financing services.

Itay Tuchman, Citi’s global head of foreign exchange, told the Financial Times in a report released Friday that the bank has seen a “very rapid” build-up of interest in bitcoin from large clients since last August.

Tahman said.

“From our perspective, there are different options and we are looking at where we can provide the best service to our customers. It’s not going to be focused on the transactional side.” He was referring to proprietary trading, in which banks make money by trading with their own funds.
However, Citi is in no rush to launch crypto services. Tahman said the bank will get on board when it is confident it can build something that will benefit its customers and be supported by regulators.

He said.

“I don’t have any FOMO (fear of missing out) sentiment because I believe cryptocurrencies are here to stay and we’re just getting to the beginning of the market. It’s not a space race. There’s more than just one flag that can be flown in this space.”
In March, Citi published a report saying that Bitcoin could become “an international trade currency” as it grows. The bank said at the time, “The evolving perception of what makes bitcoin important creates new opportunities while increasing awareness of what it will take to become mainstream.”

Citi is the latest Wall Street financial institution to consider entering the cryptocurrency market. In recent weeks, Goldman Sachs, Morgan Stanley, Bank of New York Mellon and others have begun offering crypto services to their clients.

Posted by:CoinYuppie,Reprinted with attribution to:
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