Citigroup Financial holding plans to open services for the exchange and storage of cryptocurrencies, but has not yet made a final decision. This was stated by the head of foreign exchange markets at Citi, Itai Tuchman, in a conversation with the Financial Times.
He noted that the bank has seen a "very rapid" increase in interest in bitcoin from large customers since August 2020. Some investors are interested in research, while others want to trade various coins and finance transactions with cryptocurrencies.
"From our perspective, there are various opportunities, and we are exploring where we can serve customers better. It will not be an internal unit for trading on its own funds, " he said.
Tuchman noted that Citi will take its time and open services when it is confident in its ability to create something valuable for customers and at the same time acceptable to regulators. "We shouldn't do something that isn't safe and resonates. I am not afraid to miss the opportunity, because I consider cryptocurrencies to be a long-term phenomenon. This is just the beginning of the market. There is no space race, and there is enough space for more than one flag, " he explained.
In March, Citi released a 108-page report in which it admitted the possibility of bitcoin becoming "the preferred currency for global trade", despite its inherent "set of risks and obstacles".