Today the Financial Times reported that Citi is thinking about entering the cryptocurrency sector after seeing considerable interest from clients starting last August.
“There are different options from our perspective and we are considering where we can best service clients. This is not going to be a prop-trading (proprietary trading) effort,” said Citi’s Itay Tuchman, who heads up global foreign exchange. In other words, it doesn’t plan to trade for its own account.
Numerous institutions have started to offer cryptocurrency services. Most of the activities fit neatly into three buckets, servicing wealth clients, custody and trading. Examples of providing investment opportunities to clients include Goldman Sachs, Morgan Stanley, BBVA and DBS Bank. Others aim to provide custody services such as BNY Mellon, Standard Chartered, which has partnered with Northern Trust, and ING through Pyctor, which has partnered with multiple top-five conventional custodians, including State Street.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
