Citigroup Inc Considering Launch of Crypto Services After Rise in Demand
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Citigroup Inc Considering Launch of Crypto Services After Rise in Demand

May 7, 2021      Sahaj Sharma

In accordance with the report published by leading data revealers on Friday, Citigroup Inc has recently been weighing the option of providing crypto services after seeing rising interest from clients. However, it has not been decided yet by the bank which services it will be offering the clients related to crypto, but custody, trading, and financing are all taken under consideration.

Citigroup Inc About to Launch Crypto Services 

The leading newspaper cited the global head of the foreign exchange of the bank, Itay Tuchman.

In addition to this, Citigroup has witnessed a very rapid buildup deposit of interest in Bitcoin across a wide spectrum of customers including large asset managers. Along with this, Tuchman told the newspaper giant that the bank was in no hurry to make a decision on how deeply it should make a move in the crypto industry.

However, it should also be noted that Citigroup was not immediately available for making any comment on the situation. 

In a report shared by Bloomberg on Thursday, it was revealed that Goldman Sachs was allowing the investors from Wall Street to execute trades with an uninventive tied to the prices of the leader of the cryptocurrency market, Bitcoin.

Reports on Obstacles in the Way of Progress of Bitcoin

Tuchman released a statement referring to the proprietary trading in which banks trade on their own accounts, that read:

“There are different options from our perspective and we are considering where we can best serve clients. This is not going to be a prop-trading effort.”

In a report issued by Citi in the month of March that consisted of a total of 108 pages, it was mentioned that there are some obstacles and a lot of risks that are there in the way of the progress of Bitcoin.

Moreover, the report said that Bitcoin may be optimally positioned to become the preferred currency for executing international trades.

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#Citigroup Inc #Crypto Services
Sahaj Sharma
Sahaj Sharma

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.