Following an increase in interest in digital currency in recent months, Citigroup has stated that it is considering introducing a new line of digital currency services for its clients.
According to Financial Times sources, the Wall Street behemoth considers digital asset services such as digital currency custody and trading in response to the ‘very fast’ uptake of digital currency investments by its client base.
Itay Tuchman, global head of foreign exchange, said that the bank was concentrating on how better to serve clients’ needs 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 step builds on an earlier report published by the bank, which indicated that digital currency could become an international trading currency, even though the bank stated that it had no concrete plans to launch its digital currency services.
Tuchman stated that while the bank is actively exploring its options for serving the digital assets sectors, it will not hurry into an 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.”
Although Citi explores how to better reach the digital currency markets, other banks have already launched their offerings. Goldman Sachs reopened its digital currency trading desks in March, offering various digital currency derivatives, while Deutsche Bank, Morgan Stanley, and BNY Mellon are already serving clients in the field.