Digital currency

Citigroup considers offering digital currency services: report

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Citigroup has said it is considering launching a new series of digital currency services for its clients, following a surge in interest in digital currency over recent months.

According to reports in the Financial Times, the Wall Street giant is weighing up digital asset services like digital currency custody and trading, as a reflection of the ‘very rapid’ take up of digital currency investments across its client base.

Global head of foreign exchange Itay Tuchman said the bank was focusing on how best to serve the needs of clients in this emerging space.

“There are different options from our perspective, and we are considering where we can best serve clients. This is not going to be a prop-trading effort.”

The move builds on an earlier report published by the bank, which suggested digital currency could become an international currency of trade, even though that bank said at the time it had no firm plans to launch its own digital currency services.

Tuchman said while the bank was actively considering its options for serving the digital assets sectors, it would not rush through its offering.

“I don’t have any FOMO because I believe that crypto is here to stay and that we are just at the very beginning of the market. This isn’t a space race. There is room for more than just one flag.”

While Citi considers how best to enter the digital currency markets, others in the banking sector have already stepped forward with their own offerings. Goldman Sachs restarted its digital currency trading desks back in March, offering a range of digital currency derivatives, while Deutsche Bank, Morgan Stanley and BNY Mellon are already working with clients in the sector.

The move comes as part of a significant shift towards digital currency and other digital assets across Wall Street, as the digital currency space becomes ever more mainstream.

See also: CoinGeek Live panel, The Future of Banking, Financial Products & Blockchain

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