Citigroup CEO believes that a cautious approach is in order for integrating cryptocurrencies into service offerings at the bank.
As CEO, regulatory guardrails are important to her in any crypto effort. Historically, Citigroup has preferred the cautious approach, as it does not see Fiserv’s integration with crypto services as a race.
Digital Assets Will Be Part of Citigroup Financial Service Future Says CEO
Citigroup is considering offering crypto trading, custody, and financing services in the presence of regulatory uncertainty.
Two years after Citigroup tried its unsuccessful Citicoin crypto experiment, it’s now looking to get into the crypto space, albeit rather cautiously in the midst of regulatory uncertainty.
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This approach is in line with statements made in the first half of 2021 by Itay Tuchman, Citi’s Global Head of Foreign Exchange when he said that it will “jump in” when it can build something that will benefit clients and that regulators can support.
According to its recruitment portal, Citigroup is looking for experienced personnel to join a crypto-focused team in London.
Scalable resilience and transparency are two primary concerns, according to the CEO. Currently, Citi Bank is working to connect customers to wallets and to enable corporate clients to accept consumer payments in crypto.
It wants to be sure that there is a safety net for retail clients, who may not be fully au fait with the risky nature of cryptocurrencies.