The rapid rise of cryptocurrencies is forcing Citigroup to consider providing crypto services, according to a report in Financial Times.
For the time being, the bank has not made a final decision, but it is considering both transactions and custody and financing in cryptocurrencies. This is stated in the article referring to the head of the bank for the foreign exchange market, Itte Tuchman.
Citi has seen a rapid increase in interest in Bitcoin to a wide range of customers, including large asset managers, Tuchman told FT. At the same time, he added that the bank will not rush to decide to what extent it should proceed with the purchase of cryptocurrencies.
He also added that he does not have any FOMO (Fear Of Missing Out) as cryptos are here to stay, and they are just at the beginning of the market. “There is only room for one flag”, said Tuckman.