Citigroup considers crypto amid surge in customer demand on Wall Street

Citigroup considers crypto amid surge in customer demand on Wall Street

Citigroup is reportedly considering offering crypto-related services to its customers in response to rising demand, specifically from asset managers and hedge funds.

The financial services firm’s global head of foreign exchange, Itay Tuchman, told the Financial Times on Friday that the investment bank was already exploring the possibility of providing crypto services to its clients.

Our top trading bots

Trading, financing and custody services are being discussed, but Tuchman said the firm would not be rushed into launching something that could worry regulators.

“We shouldn’t do anything that’s not safe and sound. We will jump in when we are confident that we can build something that benefits clients and that regulators can support,” he said.

Tuchman said the bank witnessed an increase in the number of clients inquiring about Bitcoin (BTC), starting in August 2020. At the time, the coin price had just climbed 33% in the span of a month, from $9,000 to $12,000, and the global cryptocurrency market capitalization was around one-tenth of what it is now.

But Citigroup is apparently in no hurry to jump on the bandwagon, even with Bitcoin currently perched at $55,000. Tuchman said the firm wouldn’t fall victim to its own fear of missing out and would instead play the long game with cryptocurrency, which the bank believes will still be around for quite a while.

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

Continue reading about Cointelegraph
Launch of real-world use-case sparks 162% rise in OriginTrail's TRAC token
The global supply chain continues to struggle to get back on track following a tumultuous three years that have witnessed clogged shipping ports and a breakdown...
Crypto miner Hut 8 posts record revenue as BTC holdings surge 100%
Canadian cryptocurrency miner Hut 8 posted mixed financial results on Thursday, as revenue and mining profitability soared while overall net income declined...
The Internet of Beer: Robotics startup taps Bitcoin to deliver automated beverage
Pubinno, a San Francisco-based technology firm that creates the "Internet of Beer" with artificial intelligence, robotics and cloud computing platforms,...
Cointelegraph’s Top 100 concludes with a special entry that unites us all!
The countdown for Cointelegraph’s list of the most influential figures in crypto and blockchain is coming to a close, saving the best for last. The Top...
IoTeX co-founder urges crypto investors to hodl amid market conditions
As the market dips over escalating tensions in Eastern Europe, Dr. Raullen Chai, the co-founder and CEO of blockchain network IoTeX, is urging crypto investors...
Swiss index provider launches new product tracking 10 DeFi tokens
Switzerland-based fund manager Compass Financial Technologies has launched an index for 10 Decentralized Finance (DeFi) tokens dubbed the “Compass Crypto...
Nations to adopt Bitcoin, crypto users to reach 1B by 2023: Report
There’s a beacon of hope for battered Bitcoin (BTC) bulls. A promising report from Crypto.com predicts that global crypto users could reach one billion...
Senator Warren’s office confuses MakerDAO for failed 2016 project The DAO
Recent dialogue between MakerDAO developers and the office of anti-crypto Senator Elizabeth Warren’s has revealed a concerning lack of familiarity with...
Helium (HNT) gains 40% after $111M fundraise and 100K active nodes milestone
Among the more than 11,000 listed cryptocurrencies exist a few projects that offer a revolutionary use case capable of improving the way society operates...
State Street-backed Securrency partners with GK8 for custody and institutional blockchain infrastructure
GK8, a cybersecurity and digital asset custodian, has partnered with fintech company Securrency to provide banking clients with institutional-grade blockchain...
Here’s how much Musk and Saylor’s tweets influenced crypto prices in Q2
Elon Musk and Michael Saylor played a significant role in shaping crypto investor sentiment during the second quarter, underscoring just how nascent digital...
Restricting crypto trading to millionaires good for Hong Kong, says official
Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury has defended the recent proposal by the city’s Financial Services and the...
Bitcoin Slips as Traders Flee, but 'Hodlers' Continue Dip-Buying
By Yasin EbrahimInvesting.com – Bitcoin slipped Monday, as newer entrants dashed for the exits amid fears Tesla (NASDAQ:TSLA) is preparing to offload BTC,...
Nigeria's SEC says central bank's crypto ban disrupted the market
Lamido Yuguda, the director-general of Nigeria’s Securities and Exchange Commission has said the central bank’s crypto ban has caused significant disruptions...
How Much Taxes You Owe If You Own Bitcoin. At Least If You Are an American
It does not matter whether you use the most known cryptocurrency in the world bitcoin for storing your funds or for making relatively quick and cheap transactions,...