Citi Considers to Roll Out Crypto Services

Fazzaco learned that Citi, one of the largest banks in the world, is weighing up the launch of crypto services to respond to the rising interest of clients.

The banking giant is considering to provide cryptocurrency trading, custody, and financing services. Its interest in digital asset-related services was driven by the "very rapid" accumulation in interest from clients, according to Itay Tuchman, Citi’s global head of foreign exchange.

Tuchman further elaborated that Citi will not rush with its decision to enter into the crypto space.

Citi would be following a number of its industry peers in developing crypto services. Recently, Goldman Sachs has relaunched cryptocurrency trading desk and plans to deal bitcoin futures and non-deliverable forwards. Others such as Morgan Stanley, BNY Mellon and Deutsche Bank have entered the space too, or have plans to soon.

As Fazzaco reported earlier, Citi has posted its financial figures for the first quarter of 2021​. Net income came in at $7.9 billion, and revenues reached $19.3 billion.