Citi is a firm based in the United States that specializes in offering financial services. After much deliberation, it has now decided to join in on the cryptocurrency craze as it sets up a system through which BTC related services will now be offered to its customer base. This decision had been reached following massive interest in the cryptocurrency industry from various clients and investors. The news should not be that surprising, though, as similar institutions such as JPMorgan Chase and Co., PayPal, and Goldman Sachs have all decided to adopt cryptocurrency.
It should be mentioned that Citi has not completely shifted towards adopting cryptocurrency as of yet, as only interest has been signalled at this point in time. Still, a Fidelity-backed custody initiative may result in having countless banks that are based in the U.S offer BTC and cryptocurrency-related services soon. All of this is indicative of massive cryptocurrency adoption as the industry has been booming in terms of popularity lately, particularly because of the success relating to altcoins such as ETH, ADA, DOGE, and BNB, for instance. This interest is from both institutional as well as retail investors.
BTC explosion for Citi
Itay Tuchman, the person in charge of Citi’s Foreign Exchange department, had stated that although cryptocurrencies have not always had the best reputation, it would be foolish to deny the fact that they have indeed skyrocketed in terms of usage and popularity. It is for this reason that Citi ultimately decided to join in, but all of the benefits and disadvantages associated with taking such an action will need to be assessed first, he added. Regulators will also need to be brought on board as Citi cannot afford to do anything that may be legally ambiguous.
Whatever the case may be, Tuchman insisted that no final decision had been reached regarding the complete and total adoption of Bitcoin for the moment.
Many changing their minds about cryptocurrency
As abovementioned, a number of large banking groups based in the United States had previously made it known that services related to cryptocurrency will be made available for their respective clients. In related news, certain U.S banks can now have their customers be able to sell, buy and hold BTC through the use of their pre-existing accounts.
Patrick Sells, the man in charge of Bank Solutions over at NYDIG, had said that various big-time players may still be contemplating the decision to go all-in on cryptocurrency, but this has not stopped the smaller banks from already going through with complete crypto adoption.