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

  • 5/7/2021
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May 7 (Reuters) - Citigroup Inc is weighing the option of providing cryptocurreny-related services after a surge in interest from clients, the Financial Times reported 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 Our Standards: The Thomson Reuters Trust Principles.

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