Another banking giant has jumped on the crypto train and is looking to offer cryptocurrency trading, custody, and financing services.
Itay Tuchman, the global head of foreign exchange at Citi, disclosed to the Financial Times that the bank had witnessed a “very rapid” surge of interest in Bitcoin from wealthy clients since last August. Consequently, the Citi may roll out crypto services in the future.
The timing coincides with when Nasdaq-listed MicroStrategy began buying Bitcoin, starting with an initial $250 million Bitcoin purchase in August 2020.
Despite the growing interest from customers, Citi said that it was not in a hurry to launch a crypto service. According to Tuchman, the bank will make the move when it is confident that it can build something that will benefit clients and pass regulatory hurdles. He said:
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.
In recent weeks, traditional financial institutions have been making moves to enter the crypto market. Goldman Sachs, Morgan Stanley, BNY Mellon, and several others now provide crypto services to their clients.