Citi Sees ‘Very Rapid’ Accumulation of Interest in Bitcoin — Contemplates Launching Crypto Services

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Citi is becoming increasingly interested in cryptocurrencies and has been “looking at blockchain for several years,” according to the bank’s CEO. Speaking at a Bloomberg conference, Michael Corbat, who has been in his role since 2012, said that he was very interested in the “potential” of cryptocurrrency. He added that the bank is “looking into” how it can integrate blockchain into Citi’s existing systems. Corbat also described the progress the bank has made so far in the area: “We’ve seen very rapid accumulation of interest in digital assets in the last year, and so we feel that the technology is progressing.”

Citigroup analysts have been predicting for a while that Bitcoin will be widely adopted on a global scale. And though they thought it would take a few more years, analysts now say that widespread adoption is coming sooner than expected. In a new report, analysts say they were “impressed by the pace of accumulation” in Bitcoin and are now contemplating plans to offer crypto services to customers. Note: If the blog post title is not present, the program will default to a title of “unnamed blog post”

Citi Sees ‘Very Rapid’ Accumulation of Interest in Bitcoin — Contemplates Launching Crypto Services

Citigroup has reportedly seen interest in bitcoin grow very rapidly among a wide range of clients, including large asset managers. The bank is currently considering launching its own cryptocurrency services as more banks, including Goldman Sachs and Morgan Stanley, offer bitcoin-related services to their customers.

  • Citigroup is reportedly considering launching cryptocurrency services after renewed interest from its customers, the Financial Times reported Friday.
  • While no decisions have yet been made on cryptocurrency-related services, the publication reports that trading, warehousing and financing are being considered, citing Itai Tuchman, the bank’s global head of currencies.
  • A Citigroup executive told the publication that Citi has seen a very rapid increase in interest in bitcoin from a variety of clients, including large asset managers.
  • The news that Citigroup is considering launching cryptocurrency services comes amid a growing number of major banks jumping on the cryptocurrency bandwagon. Investment bank Goldman Sachs has started trading bitcoin derivatives and has scaled back its bitcoin trading desk to offer a full range of bitcoin investments. In addition, Morgan Stanley already offers its high-net-worth clients access to bitcoin funds, and JPMorgan is reportedly planning to offer a cryptocurrency service.
  • Meanwhile, hundreds of smaller banks are reportedly planning to allow their customers to buy, sell and store cryptocurrencies through their existing bank accounts.
  • Some Citi analysts are positive about bitcoin. In March, Citi said bitcoin was at a turning point and could become the currency of choice for international trade. Last November, Citi predicted that bitcoin would be at $318,000 by the end of the year.

Do you think Citi will launch cryptocurrency services in the near future? Let us know your comments in the section below.

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