Digital Assets: Citigroup Heeds Clients; Mulling Cryptos

May 7, 2021 | Digital Assets, News

An FT Exclusive says Citigroup is weighing an entry into the cryptocurrency markets.

Itay Tuchman, Citi’s (NYSE: C) global head of foreign exchange has told the FT that the bank is considering a foray into the cryptocurrency markets after seeing rising interest among its clients.

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

Citi: Surging client interest

Since August, Tuchman said, Citi had seen a surge of interest in bitcoin from clients, including large asset managers. Inquiries ranged from research, crypto trading, and financing deals using crypto holdings.

“We shouldn’t do anything that’s not safe and sound. We will jump in when we are confident that we can build something that benefits clients and that regulators can support,” he said.

Meanwhile, Goldman Sachs officially announced Thursday in an internal memo (seen by CNBC) that its crypto trading desk had become operational after successfully completing certain crypto trades based on derivatives.

However, Citi will apparently hasten slowly – it will take its time to consider an appropriate strategy for the crypto markets.

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

Related Story:  Goldman Sachs’ Crypto Trading Desk Is Up And Running

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