The world's largest bank, Citigroup, may soon offer custody, trading, and financing services for cryptocurrencies. Itay Tuchman, the global head of foreign exchange at Citi, claimed that since last August, the bank had noticed a "very rapid" increase in interest from significant clients in bitcoin. This trend has been observed at all major financial institutions that have either been considering getting involved in cryptocurrencies or have already taken steps in that direction. Tuchman continued, saying:
"From our vantage point, there are various options, and we are thinking about where we can serve clients most effectively. This won't be a prop-trading endeavour.
Tuchman has made it plain that Citi is not rushing to introduce cryptocurrency services, though. Tuchman stated that the bank will become involved only it is convinced it can create something that will benefit clients and have the approval of regulators. Tuchman's remarks regarding the long-term state of the cryptocurrency industry, in which he asserts that the industry is still in its infancy and that he thinks cryptos are here to stay, are particularly intriguing:
"I don't have any FOMO [fear of missing out] because I think that cryptocurrencies are going to be there forever and that the market is just getting started. This is not a race to the moon. There is enough space for more than one flag.
In March of last year, Citi released a research claiming that Bitcoin would start functioning as a currency for international commerce. Following in the footsteps of Goldman Sachs and Morgan Stanley, Citi is the most recent Wall Street Giant banking firm to think about entering the cryptocurrency industry.