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Citi weighs launching cryptocurrency services after surge in client interest- FT

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Citi weighs launching cryptocurrency services after surge in client interest- FT
Citi weighs launching cryptocurrency services after surge in client interest- FT   -   Copyright  (c) Copyright Thomson Reuters 2021. Click For Restrictions - https://agency.reuters.com/en/copyright.html
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(Reuters) – Citigroup Inc is weighing the option of providing cryptocurreny-related services after a surge in interest from clients, the Financial Times reported https://on.ft.com/33musLT on Friday.

The bank has not yet decided whether it will offer clients cryptocurrency-related services, but trading, custody and financing are all under consideration, the newspaper reported, citing Itay Tuchman, the bank’s global head of foreign exchange.

Citi has seen a “very rapid” accumulation of interest in bitcoin across a broad spectrum of clients including large asset managers, Tuchman told the FT, adding that the bank was in no rush to come to a decision on how deeply it should move into the cryptocurrency market.

Citigroup was not immediately available for a Reuters request for comment.

Bloomberg reported on Thursday that Goldman Sachs was allowing Wall Street investors to trade with a derivative tied to bitcoin prices.

Reuters reported in March that Goldman Sachs had restarted its cryptocurrency trading desk and would begin dealing with bitcoin futures and non-deliverable forwards for clients.

(Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Anil D’Silva)

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