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Citi Considering Crypto Services Amid Surge in Interest: Report
Trading, custody and financing are all said to be under consideration by the U.S. banking giant.
Updated May 9, 2023, 3:19 a.m. Published May 7, 2021, 8:34 a.m.
Citigroup is weighing launching cryptocurrency services amid a surge in interest from its clients.
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- Trading, custody and financing are all under consideration, according to a report by the Financial Times, citing Itay Tuchman, Citi's global head of foreign exchange.
- There has been a "very rapid" accumulation in interest from clients, Tuchman told the newspaper.
- However, Citi is in no rush to make decisions involving the crypto market, he added.
- The U.S. banking giant would be following a number of its peers in developing crypto services.
- Thursday, Goldman Sachs confirmed it is offering investors access to bitcoin derivatives, buying and selling bitcoin futures in block trades.
- Others banks including BNY Mellon and Deutsche Bank have entered the space, too, or have plans to do so soon.
See also: JPMorgan to Let Clients Invest in Bitcoin Fund for First Time: Sources
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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