The Giant Citigroup in Wall Street weighs plans to provide custody and payment services in the encrypted currency, with the aim of benefiting from the market that is strengthened by organizational approvals during the Trump era and conference legislation.
Biswarup Chatterje, Citigroup Caller Reuters The bank’s initial focus is likely to be the “high -quality assets that support Stablecoins”.
Chatterje works within the Citigroup Services Department, which runs the treasury, payments, criticism management and other institutions solutions for large companies.
The bank also explores the custody offers for the products circulated on the exchange -related exchange, which can include bitcoin (BTC) And the fragrance (Eth(ETFS) funds.
“There must be a nursery for the equivalent amount of the digital currency to support these investigative boxes,” said Chatge.
The popularity of the investment funds circulated in Bitcoin increased since they appeared for the first time in early 2024. bitboThe 12 -year -old ETF Spot exporters have approximately 1.3 million BTC – about 6.2 % of the total circulating offer.
Blackrock’s Ishares Bitcoin Trust (Ibit) is the largest, with a market value of about $ 88 billion.
After a slow start, the investment funds circulated in the ether have seen a boom of flow The third fastest in history To reach $ 10 billion in assets.
Related to: SEC Compatibility
The nursery, the payments will not be the first step for City to encryption
Citigroup exploration for custody and payment services will not be its first invasion in the cryptocurrency market.
Earlier this year, the bank made a partnership with The six digital exchange in Switzerland To take advantage of Blockchain technology to improve private markets through the distinctive symbol.
CITI is looking for the distinctive symbol since 2023, when it was described as technology as it Next “the issue of use of the killer” in encryption His estimation can reach the market evaluation of $ 5 trillion by 2030.
According to what was reported, City was among many Wall Street giants, including JPMorgan, Wells Fargo and Bank of America, and explore the possibility Point stablecoin version.
A recent report on Ripple, CB Insights and UK Center for Blockchain Technology Citigroup is classified among the most active institutional investors In Blockchain companies, with 18 transactions between 2020 and 2024.
Traditional financial institutions have been raised Trump era efforts To provide the organizational clarity of the encryption sector – initiatives that spanned The American Securities and Stock Exchange Committee And the recent approval of the American genius law, the main Stablecoin Law.
In July, and The House of Representatives issued The draft of the clarity market structure, the CBDC anti -aid law and the genius law.
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Related to: Crypto Biz: Wall Street Giants Bet on Stablecoins
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