BUSINESS | May 08, 2021 | WOZINGA NEWS
Citi considers offering crypto services
- Itay Tuchman, Citi’s global head of foreign exchange, said the bank had noticed the rapid accumulation of interest in cryptocurrency from clients.
- Rajesh Venkataramani, the partner of Goldman Sachs, revealed the crypto trading team of the bank.
By Marielle Petere Wozinga Journalist
Citi is considering the option of offering crypto services following a surge in interest from its clients, Financial Times reported Friday.
Also, CNBC announced the crypto team of Goldman Sachs, while Citi is thinking about offering cryptocurrency services.
The possible move of Citi
FT cited the statement of Citi’s global head of foreign exchange Itay Tuchman. He said that the bank had noticed a “very rapid” accumulation of interest in cryptocurrency from clients.
At the same time, Tuchman added that Citi is still deciding on its cryptocurrency services. The bank might include launching crypto custody, financing, and trading.
But, Citigroup, Inc. is not rushing to make decisions involving banks’ action into the crypto market. Tuchman expressed these words in the newspaper.
The current move of Goldman Sachs
On May 2021, Goldman Sachs officially offered Wall Street investors or clients access to bitcoin. It includes bitcoin trading with a derivative tied to its prices.
Meanwhile, Goldman Sachs aims to protect itself from the volatility of crypto by buying and selling bitcoin futures in block trades through CME Group, using Cumberland DRW as its trading partner.
CNBC reported Friday that Rajesh Venkataramani revealed the crypto trading team of the bank. Venkataramani is part of the overall crypto assets effort at Goldman Sachs.
Upcoming plans of other banks
Morgan Stanly sets its plan to offer bitcoin investments in the wealth management of its clients.
Meanwhile, Deutsche Bank and BNY Mellon have cleared the goals in dealing more with bitcoin like Goldman Sachs.
Lastly, JPMorgan Chase soon offers a bitcoin fund for wealthy clients. Yet, CEO Jamie Dimon clarified again that he has no interest in bitcoin during The Wall Street Journal CEO Council Summit on May 4.
On the other side, Dimon explained that clients of JPMorgan are interested. Then, he added the real existence of blockchain so the bank will use it.