Wednesday, October 13, 2021

Citigroup considers crypto amid surge in customer demand on Wall Street

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Citigroup is reportedly contemplating providing crypto-related companies to its clients in response to rising demand, particularly from asset managers and hedge funds.

The monetary companies agency’s world head of international change, Itay Tuchman, told the Monetary Instances on Friday that the funding financial institution was already exploring the opportunity of offering crypto companies to its shoppers.

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Buying and selling, financing and custody companies are being mentioned, however Tuchman stated the agency wouldn’t be rushed into launching one thing that would fear regulators.

“We shouldn’t do something that’s not protected and sound. We are going to leap in after we are assured that we are able to construct one thing that advantages shoppers and that regulators can help,” he stated.

Tuchman stated the financial institution witnessed a rise within the variety of shoppers inquiring about Bitcoin (BTC), beginning in August 2020. On the time, the coin worth had simply climbed 33% within the span of a month, from $9,000 to $12,000, and the worldwide cryptocurrency market capitalization was round one-tenth of what it’s now.

However Citigroup is seemingly in no hurry to leap on the bandwagon, even with Bitcoin at present perched at $55,000. Tuchman stated the agency wouldn’t fall sufferer to its personal concern of lacking out and would as a substitute play the lengthy recreation with cryptocurrency, which the financial institution believes will nonetheless be round for fairly some time.

“I don’t have any FOMO [fear of missing out], as a result of I consider that crypto is right here to remain and that we’re simply on the very starting of the market. This isn’t an area race. There may be room for greater than only one flag,” stated Tuchman.