Tuesday, June 22, 2021

Citigroup is considering offering crypto services.

The Takeaway:

Banking giant Citigroup has said it is considering launching a new series of digital currency services for its clients.

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Citigroup has said it is considering launching a new series of digital currency services for its clients, following a surge in interest in digital currency over recent months. According to reports in theĀ Financial Times, the Wall Street giant is weighing up digital asset services like digital currency custody and trading as a reflection of the ‘very rapid’ take-up of cryptocurrency investments across its client base. Global head of foreign exchange Itay Tuchman said the bank was focusing on how best to serve the needs of clients in this emerging space.

 

“This is not going to be a prop-trading effort.”

Itay Tuchman said, “There are different options from our perspective, and we are considering where we can best serve clients. This is not going to be a prop-trading effort.” The move builds on an earlier report published by the bank, which suggested cryptocurrency could become an international currency of trade, even though that banking giant said at the time that it had no firm plans to launch its own cryptocurrency services anytime soon. Tuchman further added that while the bank was actively considering its options for serving the digital assets sectors, it would not rush through its offering.

 

“Cryptocurrency is here to stay.”

Tuchman further said, “I don’t have any FOMO because I believe that crypto is here to stay and that we are just at the very beginning of the market. This isn’t a space race. There is room for more than just one flag.” While Citi considers how best to enter the digital currency markets, others in the banking sector have already stepped forward with their own offerings. As reported earlier, Goldman Sachs restarted its cryptocurrency trading desks back in March, offering a range of cryptocurrency derivatives, while Deutsche Bank, Morgan Stanley, and BNY Mellon are already working with clients in the sector.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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