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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.