The financial institutions and companies that adopt cryptocurrencies at various levels have become almost present on a daily basis, as addresses on the interested Bitcoin website and specializes in providing news and articles about cryptocurrencies and the blockchain.
In a report published on Friday in the "Financial Times" newspaper, he indicated that the financial institution "Citigroup" is studying the possibility of launching cryptocurrency trading, custody and financing services.
Mr. Itay Tuckman, Global Head of Foreign Exchange at Citigroup said:
The bank has seen a very rapid build-up of interest in Bitcoin from large customers since last August.
There are different options from our point of view and we are studying where we can provide the best customer service.
This would not be PROP-TRADING.
prop-trading occurs when a trader trades stocks, bonds, currencies, commodities, their derivatives, or other financial instruments with the company's own money, also known as a "nostro" account, as opposed to depositors' money, and the goal of prop-trading is to trade banks with their own money to make a profit.
It appears that the “Citi” organization is in no hurry to launch crypto services.
In this regard, Mr. Tuckman stated:
A bank will take off when it is confident in its ability to build something that benefits customers and that regulators can support it.
I don't have any FOMO [fear of getting lost] because I think the cryptocurrency is here to stay and we are at the beginning of the market.
This is not a space race.
There is room for more than one flag only.
In March, Citi published a report saying that Bitcoin could become an international commercial currency as it develops.
The bank said at the time:
Perceptions of what makes Bitcoin important persist.
Bitcoin creates new opportunities and strives to become mainstream.
Citi is the latest financial institution on Wall Street to consider moving to the crypto market.
In recent weeks, Goldman Sachs, Morgan Stanley, New York Mellon Bank and others have moved to offer cryptocurrency services to their clients.
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