Citi is Considering Entering the Crypto Market

Banking giant Citigroup is considering launching cryptocurrency trading and custody services. Itay Tuchman, Citi's global head of foreign exchange, noted in an interview with the Financial Times that since August last year, the bank has seen a "very rapid" accumulation of interest in bitcoin from large clients.

However, despite the interest in this area, Citi is in no rush to launch crypto services in the near future. Tuchman said the bank will make a decision when it is confident it can create something that will benefit customers and that regulators can support:

“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," said Tuchman. "This isn't a space race. There is room for more than just one flag."

Citi is one of the last Wall Street financial institutions to consider entering the cryptocurrency market. In recent weeks, Goldman Sachs, Morgan Stanley, Bank of New York Mellon and others have begun providing crypto services to their clients.