Citibank, the fourth-largest investment bank in the United States, is exploring the possibility of launching cryptocurrency services after experiencing massive client demand.
Itay Tuchman, Citibank’s global head of foreign exchange, told the Financial Times that the bank has not yet decided if it will offer crypto-related services like custody and trading. However, he said his company is not in a rush, as Tuchman believes crypto is “here to stay.”
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. This isn’t a space race. There is room for more than just one flag.”
Crypto Demand Surges in Citibank
Citibank has reportedly seen a “very rapid” surge in interest for cryptocurrencies from several clients, including major asset managers, according to Tuchman.
Back in March, Citibank researchers published a report outlining how Bitcoin could become an “international trade currency” as the market evolves.
“A focus on global reach and neutrality could see bitcoin become an international trade currency. This would take advantage of bitcoin’s decentralized and borderless design, its lack of foreign exchange exposure, its speed and cost advantage in moving money, the security of its payments, and its traceability.”
Reads the report.
Citibank is the latest financial institution to consider joining the crypto train. The news came shortly after Goldman Sachs announced offering BTC derivatives trading as institutional demand continues to grow.
Banks Coming to BTC
2021 has marked a shift in tone from most financial corporations, who at first dismissed cryptocurrencies. However, as the market keeps growing, it seems inevitable that most institutions will embrace cryptocurrencies. And this news follows a story Crypto News recently reported on that Bitcoin is Set To Be Supported By Hundreds of USA Banks This Year.
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