Citi Group and Goldman Sachs Banks to Offer Bitcoin Services
Bank customers can now access Bitcoin services as traditional financial institutions plan to offer BTC transactions. There is no doubt that the bank giants want to profits from the booming crypto market. After all, which industry has money-making opportunities more than crypto in this pandemic era?
If you have your account with either Citi Group or Goldman Sachs, you may access BTC services in the future. The two of America’s financial giants announced providing Bitcoin derivative goods and custodial resolutions to its customers.
Bloomberg stated that Goldman Sachs is well prepared to provide its Wall Street investors with Bitcoin derivatives. It happens after many corporations have decided to offer BTC services. You probably know that PayPal recently allowed its users to conduct bitcoin activities. The result was that the company enjoyed huge returns within a short time. Do you think that cryptocurrency will have the same effect on these two banks?
According to a report, Goldman wants to take advantage of the massive bitcoin volatility by partnering with Cumberland DRW to purchase and sell CME BTC futures.
A Goldman official, Max Minton, told Bloomberg that they trust the partnership with Cumberland will help the bank expand its services with ease. He further stated that they decided to meet institutional demands, which continue to grow in the crypto market. Do you think that crypto adoption will improve the bank’s performance?
Goldman’s partnership with third parties indicates that the institution is ready to take advantage of what the market has. Keep in mind that the bank is looking to meet the rising demand in the cryptocurrency industry.
Bitcoin’s indomitable rise and performance over the past year is among the game-changing influence, forcing most financial institutions and individuals to join the BTC waves.
Citi Group to Offer Custodial and BTC Trading Services
If you are a Citi Group customer, expect to access bitcoin trading services soon. Itay Tuchman, Citi’s official, told Financial Times that the BTC offering is to help improve their crypto competence.
Moreover, Tuchman stated that the institution is in no hurry to offer crypto services. They will have to weigh crypto regulations before finalizing their decision.
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