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Citi Bank Mulls Over Launching Crypto Services

Seeing that Citigroup Inc’s clients are increasingly interested in the digital currency, the banking company starts to consider launching cryptocurrency-related services.

Citi has yet to decide if it should offer crypto services to their clientele. However, it has reportedly considered adding crypto trading, custody and financing to their list of services.

Itay Tuchman, Citi’s global head of foreign exchange, remarked that — while many of their clients have displayed great interest in bitcoin — the company felt no sense of urgency to finalize their decision.

“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.”

In April, Citi Innovation Labs formed a partnership with the Inter-American Development Bank (IDB) to test the blockchain technology and tokenized money usage when sending payments from the US to Latin America and the Caribbean.

 

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