Citigroup, a banking giant, is launching a crypto trading and custody service. The new service aims to meet the growing demand for crypto assets.
Itay Tuchman, the global head of forex for Citigroup, has confirmed that the bank had witnessed a rapid accumulation in Bitcoin (BTC) interest from institutional clients. Tuchman announced the move in a report published in Financial Times.
According to Tuchman, banks could venture into crypto through proprietary trading, where they use their resources to make profits. “There are different options from our perspective, and we are considering where we can to best service clients. This is not going to be a prop-trading effort,” said Tuchman.
Not happening any time soon
However, Citigroup has confirmed that it is taking its time to launch crypto services. Tuchman stated that the bank would only jump into the crypto space when it was sure that its clients could benefit. It … Read more