Citigroup moves into crypto

Citigroup has moved into the world of Crypto after the recent bank statement to launch Crypto trading and financing services. The Giant Citigroup also has been motivated by the rising interest of clients towards Bitcoin .

Citigroup 's global head, Itay Tuchman, has claimed that the bank would not be forced to rush into Crypto-related matters. Also, it has not been decided that it will offer any crypto-related services as was reported on cryptonews.com.

While speaking to Financial Times, Tuchman stated:

“There are divergent options from our point of view and we are working to observe where we can try hard to deliver the best services for our clients. […] We will never perform anything unsafe. We will only jump in when we are fully prepared that we can build something that benefits clients and that regulators can support. [...] I don’t have any FOMO because I have faith that Crypto is here to stay and we are at the very start of its journey. This isn’t a space race. There seems room for more than just one flag.”

Inevitability of Bitcoin

Realizing that Crypto adoption has become inevitable for large banks, Tuchman has presumed that there is very rapid growth for interest in BTC across a broad spectrum of clients, including assets managers; this has now taken the shape of requests for "research." Some clients readily wanted to trade a range of coins through the bank and finance deals with crypto holdings.

According to Bloomberg, the revolution comes hot on the heels of a hopeful BTC move from Goldman Sachs , which is wading deeper into the BTC market with a non-deliverable forward offering.

Max Minton’s (Digital Assets lead of Goldman Sachs ) statement

Max Minton has quoted a statement in which he repeatedly talks about the growth of institutional demands and the ability to work with Cumberland like partners to expand capabilities. He further added that the non-deliverable forwards' option had paved the way for them to evolve their nascent cash-settled crypto-currency capabilities.

According to the Bank, cash-settled bitcoin futures and non-deliverable forwards are the two recent kinds of Bitcoin-linked derivatives that have been successfully traded till now.

Goldman’s current strategy

Goldman is now observing to expand its market presence by selectively onboarding crypto-trading institutions to deliver offerings; the report said that the firm has also innovated new software this week to figure the latest cryptocurrency prices and news to clients. Another point has also been highlighted in that the firm is not having a position for the trading of bitcoin or cryptocurrency.

At 14:25 UTC, BTC trades at the US $ 56,931 and is unchanged since the day before yesterday. The price has hit up by approx.—6% in a single week, trimming its monthly losses to almost less than 2%.