Citi bank is considering launching crypto trading and custody 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 that the bank had seen a “very rapid” accumulation of interest in bitcoin from large clients since last August.
But Citi is in no rush to launch crypto services. Tuchman said the bank would jump in when it is confident it can build something that benefits clients and that regulators can support.
“I don’t have any FOMO [fear of missing out] because I believe that crypto is here to stay and that we are just at the very beginning of the market,” said Tuchman. “This isn’t a space race. There is room for more than just one flag.”
Citi is the latest Wall Street financial institution to consider moving into the crypto market. In recent weeks, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, and others have moved to provide crypto services to their clients.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Yogita Khatri
