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Citi weighs launching cryptocurrency services after surge in client interest- FT

05/07/2021 | 12:49am EDT
FILE PHOTO: FILE PHOTO: The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto

(Reuters) - Citigroup Inc is weighing the option of providing cryptocurreny-related services after a surge in interest from clients, the Financial Times reported https://on.ft.com/33musLT on Friday.

The bank has not yet decided whether it will offer clients cryptocurrency-related services, but trading, custody and financing are all under consideration, the newspaper reported, citing Itay Tuchman, the bank's global head of foreign exchange.

Citi has seen a "very rapid" accumulation of interest in bitcoin across a broad spectrum of clients including large asset managers, Tuchman told the FT, adding that the bank was in no rush to come to a decision on how deeply it should move into the cryptocurrency market.

Citigroup was not immediately available for a Reuters request for comment.

Bloomberg reported on Thursday that Goldman Sachs was allowing Wall Street investors to trade with a derivative tied to bitcoin prices.

Reuters reported in March that Goldman Sachs had restarted its cryptocurrency trading desk and would begin dealing with bitcoin futures and non-deliverable forwards for clients.

(Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Anil D'Silva)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. 2.40% 71.32 Delayed Quote.15.67%
S&P GSCI CORN INDEX 0.32% 454.9019 Delayed Quote.13.84%
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