Every Big Bank Will Think About Crypto Trading, Says Ex-Citi CEO
Vikram Pandit believes every major financial institution will be considering trading crypto “in one to three years.”
Nov 8, 2021 at 9:32 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/RYGBOVSNXFFNLEZJDWR7BISUPI.jpg)
Vikram Pandit at The Bloomberg Year Ahead 2015 Conference (Andrew Harrer/Bloomberg via Getty Images)
Every major financial institution will be thinking about buying and selling crypto in the years to come, according to former Citigroup CEO Vikram Pandit.
- In “one to three years, every large bank and/or securities firm is going to actively think about ‘shouldn’t I also be trading and selling cryptocurrency assets?’ “Pandit said at the Singapore Fintech Festival, according to a Bloomberg report on Monday.
- While numerous big banks have shown signs of offering crypto exposure to clients through indirect investments such as funds, none of them have yet offered direct exposure. Goldman Sachs’ crypto desk, for example, supports bitcoin futures trading.
- Pandit resigned from Citi in 2012 and co-founded investment firm The Orogen Group in 2016.
- In 2015, he also invested $75 million in the now Nasdaq-listed crypto exchange Coinbase, alongside the New York Stock Exchange and other investors.
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Jamie Crawley is a CoinDesk news reporter based in London.
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