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Citigroup Announces Launch of Crypto Trading and Custody Services

CEO Itay Tuchman remarked that there are still some processes left for it to start working.

The North American bank Citigroup announced the launch of its new crypto custody and trading service. The firm decided to advance in the emerging market based on the growing demand from its clients.

The news was advanced by Itay Tuchman, Citigroup’s global head of forex, in a report published in the Financial Times. “There are different options from our perspective, and we are considering where we can provide the best service to customers,” said the businessman.

Despite the excitement the announcement generated, Tuchman noted that the new service will not launch immediately. Before it comes into operation, he explained, it still remains to agree on some details with the bank’s institutional clients and technical issues with regulatory bodies.

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Although the crypto trade grows at an unbridled pace, the businessman takes the issue calmly and assured that neither he nor the board of directors suffers from the “fear of being left out” (popularly known as FOMO).

“I have no FOMO because I believe that crypto currencies are here to stay and that we are just at the beginning of the market. This is not a space race. There is room for more than one flag,” added Tuchman.

In early March, Citigroup specialists presented a report that already sidestepped the bank’s approach to the market. “The future of Bitcoin is therefore still uncertain, but short-term events are likely to prove decisive, as the currency swings at the inflection point of widespread acceptance or a speculative implosion,” the experts noted. From the bank back then.

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