Citi is considering launching crypto trading, financing and custody services, according to the bank’s global head of foreign exchange, Itay Tuchman, who spoke to the Financial Times for a report published today.
“There are different options from our perspective and we are considering where we can best serve clients,” Tuchman said. He added, “This is not going to be a prop-trading effort,” referring to trades a bank makes with its own money.
Citi would be the latest Wall Street bank to do so, after Morgan Stanley announced plans to allow wealthy clients access to Bitcoin funds in March. Bank of New York Mellon announced plans to store and manage Bitcoin a month earlier, and, just yesterday, Goldman Sachs announced it will offer Bitcoin derivatives to large investors.
However, Tuchman said that Citi was in no rush to make any concrete decisions. “I don’t have any FOMO because I believe that crypto is here to stay,” he said. “This isn’t a space race. There is r