Citigroup is considering adopting cryptocurrency services due to increased customer demand on Wall Street

Apparently, Citigroup is exploring the possibility of offering cryptocurrency services to its customers in response to growing demand, particularly from asset managers and hedge funds.

The global head of the foreign exchange division of the financial services company Itay Tuchman informed the Financial Times on Friday The investment bank has already examined the possibility of offering its customers crypto services.

Trade, financial, and custody services are discussed, but Tuchman said that The company wouldn’t rush to publish anything that concerned regulators.

Citigroup is considering adopting cryptocurrency services due to increased customer demand on Wall Street
Citigroup is considering adopting cryptocurrency services due to increased customer demand on Wall Street

“We are not allowed to do anything that is not safe and robust. We will step in when we are confident that we can build something that will benefit customers and that regulators can support.”, He said.

Tuchman said that The bank saw an increase in the number of customers asking for Bitcoin (BTC) from August 2020. At the time, the price of the coin had risen 33% from $ 9,000 to $ 12,000 in one month, and the global market capitalization for cryptocurrencies was around a tenth of today’s value.

However, it seems that Citigroup is in no rush to jump on the crypto bandwagon, even if Bitcoin is currently at $ 55,000. Tuchman said that The company wouldn’t be a victim of its own fear of missing out and would rather play long-term with cryptocurrency that the bank believes will last for some time.

“I’m not afraid of missing out because I believe cryptocurrencies will stay here and we are at the beginning of the market. This is not a space race. There is room for more than one flag.” Said Tuchman.

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