Citi Bank is considering launching Crypto trading, services, and custody. Citigroup is a banking giant. Citi’s Global head of foreign exchange Italy Tuchman, said to the Financial Times that they had seen a very rapid accumulation of interest in Bitcoin from large clients since last August.
In addition, he also said that there are several options from their perspective, and they are considering where they can get the best service for the clients. According to Tuchman, this is not going to be a prop trading effort.
He also referred to property trading, in which the banks trade with their own money to make some profit. Citi, however, has no rush to launch the Crypto services. Instead, according to Tuchman, the bank would jump in when it gets the confidence of building something that benefits the clients and that regulators can support.
He also added that he doesn’t fear missing out (FOMO) as he doesn’t believe that Crypto is here to stay. Additionally, he said that they are at the very beginning of the market, not a space race.
Bitcoin
There is space for more than just one flag. Citi published a report in March saying that Bitcoin could become an international trade currency as it evolves.
The bank said that the perceptions about Bitcoin that are making it essential are continuing to evolve and create new opportunities by increasing its perception towards becoming the mainstream. As a result, Citi has become the latest Wall Street Financial institute that considered moving into the Crypto market.
Latest Mechanism
Citigroup Inc is developing the latest mechanism to trade cryptocurrencies such as Bitcoin. Moreover, the mechanism can help the clients bet on the largely unregulated market depending on a person’s knowledge of the plans.
