Banking Gaint, Citi Group is considering entering the cryptocurrency market to offer Bitcoin trading and custodial services to its clients. This is as a result of the surging cryptocurrency interest and request from clients that have been mounting since August last year.
Citi’s Global Head of Foreign Exchange, Itay Tuchman noted that Citi had seen interest in bitcoin developing at a “very rapid” pace since August of last year. This interest stemmed from a wide variety of its clients, including large asset managers. Some merely requested research on the part of the bank. Meanwhile, others requested more active involvement. This included trading a range of cryptocurrencies through the bank and financing deals with cryptocurrency holdings.
According to the Financial Times report this morning, Itay Tuchman said, “The new offering is paving way for us to evolve our nascent cash-settled cryptocurrency capabilities”. Tuchman, however, added that the bank won’t rush its decision to offer cryptocurrency services. Rather it will take its time to weigh all regulatory considerations before diving into the crypto space.
This development would make Citi Group the latest to join the list of large banking institutions including Goldman Sachs, BNY Mellon, and State Street, to have been compelled to offer bitcoin service to their clients.