Banking giant Citigroup is seriously considering launching cryptocurrency trading and storage services, as well as their use in financial services offered by the corporation.
According to one of the top managers, Itai Takman, Citi began to look closely at cryptocurrencies for several reasons. The first was an assessment of the potential for entering new markets, and the second was the interest of clients in an “unusual” asset class. However, he also clarified that the corporation has not yet made a final decision on whether it intends to offer services related to digital currencies to customers. Takman is convinced that Citigroup will not make a decision until it realises that cryptocurrencies are safe enough and have received support from regulators. A particular surge of interest in BTC, according to Tuckman, has been observed since August 2020 and over time it has only been gaining momentum. This includes large clients managing billions of dollars in assets.
The bank previously published a report in which it viewed cryptocurrency as the preferred means of payment for global trade. At the same time, of course, Citi was well aware of the risks and obstacles standing in the way of Bitcoin and the entire crypto industry.
Institutional investors 'demand for cryptoassets is being fueled, among other things, by their counterparts' investments in digital currencies. Such as Goldman Sachs, BNY Mellon, and many others.
At the same time, crypto experts are not sure that traditional banks will be able to compete with Bitcoin specialists who have been actively involved in the crypto industry for over 7 years.