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Citigroup Considers Offering Crypto Services to Clients amid Increased Interest in Digital Assets

UTC by Ibukun Ogundare · 3 min read
Citigroup Considers Offering Crypto Services to Clients amid Increased Interest in Digital Assets
Photo: Depositphotos

According to the bank executive, Citigroup’s plan to consider crypto services was fueled by a “very rapid” increased interest of clients in digital assets.

New York-based investment banking company Citigroup Inc (NYSE: C) is considering the launch of its crypto services. Citigroup plans to launch its crypto trading and custody services as the company sees an increase in clients’ demand for crypto-related services. The development was revealed by the bank’s global head of foreign exchange, Itay Tuchman.

Citing Tuchman, Financial Times said that Citigroup is yet to decide whether it will offer crypto services. However, he noted that Citibank is considering trading, custody, and financing.

Citigroup Considers Crypto Services Launch

Tuchman noted the reason behind Citigroup’s consideration to integrate crypto services. According to the bank executive, Citigroup’s plan was fueled by a “very rapid” increased interest of clients in digital assets. He said:

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

Speaking further, Tuchman told Financial Times that Citigroup is not in a hurry to debut into the crypto space. He stated that the bank plans to launch the new crypto services when confident that it can offer beneficial services to clients. Also, the bank hopes to build something that would be acceptable by the regulators.

Tuchman continued:

“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.”

NYDIG Says Bitcoin Is Coming to US Banks

There has been a massive jump in the adoption of BTC among both retail and institutional. Recently, crypto firm NYDIG said that hundreds of US banks are planning to begin offering Bitcoin services. NYDIG noted that customers of selected US banks will be able to buy, sell and hold Bitcoin with their existing bank accounts for the first time ever.

CNBC revealed that NYDIG has partnered with fintech giant Fidelity National Information Services to allow US banks to offer Bitcoin to clients in the coming months. The head of bank solutions at NYDIG, Patrick Sells, said that hundreds of US banks have already enrolled in the program.

Sells said that the partnership aims to make it easy for Americans to be able to buy Bitcoin with their existing bank accounts.

Citigroup stock is currently at a 0.18% gain to $74.99 at premarket trading. The banking company’s value has been growing over the past year, increasing in its stock performance. Data by MarketWatch shows that Citigroup stock has risen 61.44% in the last twelve months. Also, the company’s shares have grown by 21.18% since the year began and jumped 19.50% over the last three months. Also, Citi has added 3.26% over the past month and gained nearly 5% in the last five days.

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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