The list of services offered by Citibank may expand soon. This time it's about kryptowaluty. This is another bank that is interested in digital money.
Testing new solutions
Itay Tuchman, CEO of Citibank's currency exchange division, recently announced that the bank is considering introducing a new cryptocurrency storage service. This is due to the fact that recently there has been a large increase in interest Bitcoin, also from larger customers. Therefore, the bank is analyzing various new possibilities of their service in order to choose the best one. At the same time, Tuchman emphasized that the introduction of the new service was not under time pressure. Citibank will introduce it only when it becomes completely sure that such a solution is beneficial for customers, and at the same time completely safe.
Citybank will store cryptocurrencies for its clients?
Citibank has been closely monitoring the cryptocurrency market for a long time, paying special attention to bitcoin, which is becoming more and more popular among customers. It is believed that the bank plans to introduce new services related to cryptocurrencies, but not in the form of direct investment in them. They still appear to be a quite risky solution, as they entail the need to take full responsibility for the direct storage of larger amounts in cryptocurrencies, and at the same time raise many regulatory doubts. In addition, direct investment means that commissions would be charged to exchanges, not the bank. Hence, the cryptocurrency fiduciary service would be used for the bank itself, as it could charge fees, as well as for the customers themselves, who would store them in the same institution where they hold funds in traditional currency.
Citibank was founded in 1812 in the United States. It is one of the oldest American financial institutions. It is currently owned by the international Citigroup group. Citibank has a total of 2649 branches in 19 countries. This is another financial institution that is beginning to be interested in the cryptocurrency market.