Citibank, the famous American financial institution, is considering launching crypto selling and buying services as the digital assets’ market rises to new heights.
While talking to the prominent newspaper The Times, its global executive, Itay Tuchman, revealed that the bank had noticed an increasing amount of interest in crypto assets by its investors and clients. He added,
There are different options from our perspective, and we are considering where we can best service clients. This is not going to be a prop-trading effort.” The New York-based bank aims to use its money for trading and profit on it; the process is known as prop-trading.
However, the bank’s global head further stated that the payment giant is in no rush to launch its services and vowed to wait until it comes up with a confident setup that is likely to satisfy the government regulators and clients.
While touting the performance world’s most famous digital asset, Bitcoin and other cryptocurrencies, Tuchman highlighted that the new blockchain technology is likely to stay, saying that “it’s just the beginning.”
The remarks from its senior officials come nearly two months after the bank stated in its report that BTC could become a universal currency, citing its extraordinary performance since last year.
Citibank is another key player in America’s money market, considering their options to expand service in the crypto market. Previously, other prominent firms, including Morgan Stanley, Bank of New York Mellon, and Goldman Sachs, jumped the crypto bandwagon.