Citi Is Considering to Launch Crypto Services

Citigroup Inc has become the latest Wall Street giant to show interest in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term as it is considering launching several digital asset-related services for its client base, according to a report by the Financial Times.

The investment bank is planning to introduce cryptocurrency trading, custody and financing services, Citi’s Global Head of foreign exchange, Itay Tuchman, revealed. The bank’s interest in digital currency services was pushed by the ‘very rapid’ accumulation of interests in Bitcoin within a broad spectrum of its large clients.

“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,” said Tuchman, meaning the bank will not trade crypto with its own funds.

Banks Want a Piece of Crypto

Earlier, Citi published a report mentioning that Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term has the capability of becoming an international trade currency but did not have any official plans to launch crypto-based services.

Further, Tuchman elaborated that Citi will not rush with its decision to enter into the crypto space.

“I don't have any FOMO because I believe that crypto is here to stay and that we are just at the very beginning of the market," he said. "This isn't a space race. There is room for more than just one flag,” he added.

While Citi is still evaluating its crypto plans, many of its industry peers are already offering crypto investment opportunities mostly to wealthy clients. Most recently, Goldman Sachs, which resumed its crypto trading desks in March, started to offer Bitcoin derivatives. Morgan Stanley, BNY Mellon and Deutsche Bank are only a few big banking names that are offering crypto services.