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.
Read more about
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.