More progress towards mega-scale crypto adoption within the financial institution sector as Citi is interested in taking a deep dive into crypto because of its customers. The bank could not resist the customers’ demand, which grew 10x since mid-2020.
Itay Tuchman has recently appraised it, in charge of Citi’s foreign exchange that Citi may soon become a crypto service provider bank. However, he reaffirmed clearly that so far the Board of Directors of Citi has drawn no foregone conclusion. Until that decision is in place, Citi’s crypto adoption initiative cannot be considered final and binding.
According to Tuchman, a large portion of their existing customers wishes to dive into the digital world. He was of the view since mid-2020 the bank was receiving multiple requests on daily basis suggesting Citi induct crypto services. However, since the policy of the City did not allow any other financial services based on a currency except for fiat, therefore, requests were denied. He said that even then the customers continued to send a number of requests.
Tuchman said that because of this evidently apparent Citi’s customers’ interest in crypto, Citi has decided to consider crypto adoption. He also stated that they have considered crypto service from different angles. In addition, the bank is certain that it has the potential to serve its customers to the best of the interests. He apprised that he has come to believe that crypto is going to stay with the traditional financial mechanism. It has earned its slot along with other bank-facilitated financial products, said Tuchman.
Citi’s crypto initiative was first seen when in the month of March this year, Citi had published a report. That March report was sole regarding the crypto industry is leading coin, Bitcoin. In this report, Citi regarded Bitcoin as the international currency fit for every individual. Even the bank said that soon Bitcoin would be greatly utilized as a source of global trading as well.
Citi is also a member of the famous Wall Street and is in competition with the likes of Morgan Stanley, JPMorgan, and Goldman Sachs. All these banks too have dived into the crypto arena.
It is currently amongst the world’s largest banks involved in the major business of currency trading. The bank has some of the prominent asset managers of the world as its customers as well. Since last August, these asset managers as well as many other customers have been urging banks to consider crypto services. They also seek bank loan services towards providing liquidity to the customers for onward investment into cryptocurrencies.
However, the bank has clarified that though it will soon be launching limited crypto services. The bank said that it would make sure that whatever crypto services are rendered, are sound and safe.
