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Citi Considering Crypto Services Amid Surge in Interest: Report

Trading, custody and financing are all said to be under consideration by the U.S. banking giant.

May 7, 2021 at 8:34 a.m. UTC
Updated Sep 14, 2021 at 12:52 p.m. UTC

Citigroup is weighing launching cryptocurrency services amid a surge in interest from its clients.

  • Trading, custody and financing are all under consideration, according to a report by the Financial Times, citing Itay Tuchman, Citi's global head of foreign exchange.
  • There has been a "very rapid" accumulation in interest from clients, Tuchman told the newspaper.
  • However, Citi is in no rush to make decisions involving the crypto market, he added.
  • The U.S. banking giant would be following a number of its peers in developing crypto services.
  • Thursday, Goldman Sachs confirmed it is offering investors access to bitcoin derivatives, buying and selling bitcoin futures in block trades.
  • Others banks including BNY Mellon and Deutsche Bank have entered the space, too, or have plans to do so soon.

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