Recently, many renowned banks have made a move to incorporate cryptocurrency in their working model. However, another anticipated rumor is driven about Citi which is showing interest in crypto. Citi has had a huge backlog pressure from its users and clients. This has been the primary reason that Citi is now planning to allow direct access to its clients to the mainstream crypto market. Tonnes of financial institutions have already done so, paving the path for the inclusiveness of crypto into the global economy.
Citi’s point of view
Citi’s global head of foreign exchange, Itay Tuchman told the media that so far the bank has not reached a final decision. However, the surge in client interest has forced the bank to ponder upon different available options. He further added that the bank is considering offering custody, trading, and financing service to its clients. Tuchman was asked that if the move was meant to follow the footsteps of other financial institutions. Like, JP Morgan, Black Rock, and Morgan Stanley. But he said that the bank does not ‘fear of missing out’ Moreover, the bank is prioritizing the interests and requirements of its prestigious clients.
Tuchman also emphasized that the bank will only make a move when it is confident and sure of every step so that we can get behind our decision and help our clients in the best possible manner. Citi’s decision is a consequence of continuous pressure from their clients and competitors. However, the decision was steady and not rushed upon. As Tuchman said there is room for more than just one flag.
Previously financial institutions were reluctant towards the idea of crypto or digital currency. However, over the last 12 months, the global pandemic has issue major changes in almost every sector. The rising popularity and relevance of crypto meant organizations hand to amend their policies, and make a way for the inclusion of crypto. Various major and fairly unknown cryptocurrencies have soared this past year. Hence, thousands and millions of people are hopping on the crypto bandwagon. This has forced the big stakeholders to make a move in crypto’s favor.
Many published reports have highly praised the likes of Bitcoin, as it has been termed as the ‘North Star’ of the crypto realm. Moreover, earlier this year, Citi states that Bitcoin is on its way to becoming ‘the currency of choice of international trade’. These attributes and predictions associated with Bitcoin are no less than a major change in the global economic structure. However, the next few months are crucial to make a final judgment about the future of crypto in relation to financial institutions.
