Citibank are one of the world’s most renowned banks and financial services companies. Founded in 1812 in New York, the bank now operates worldwide with more than 2000 employees and a number of subsidiaries across Asia. New reports have come out this week that highlight Citibank could be paying a significant interest in cryptocurrencies, an interest that could very well lead to the adoption of Bitcoin.
If this is the case, Citibank will become the world’s first fully fledged bank to adopt Bitcoin as a cryptocurrency.
Now of course, this is speculative, there are no official announcements made just yet, but it does seem pretty clear that at the very least, Citibank are working towards offering their customers some sort of crypto product.
According to Cheddar.com, a source close to the matter within Citibank has discussed that Citibank are currently in the process of researching a number of crypto based services that could be used by their retail customers. Of course, many banks are researching cryptocurrencies and blockchain technologies, but according to Cheddar, the approach taken by Citibank is quite exciting indeed:
“Most financial firms have groups dedicated to studying crypto assets and blockchain technology. But Citi has moved beyond thinking about crypto ‘in an abstract way’ to considering how it could package a consumer product. A Citi spokeswoman said the bank has conducted some consumer sentiment research about offering cryptocurrencies but that it ‘does not have plans for any crypto products or partnerships.’ Giving retail customers exposure to crypto assets would be a significant development for Citi, the third largest U.S. bank by assets.”
“Citi CEO Michael Corbat appeared bullish on the idea of cryptocurrencies when he spoke with Cheddar in June. Citi has already embraced the underlying blockchain technology behind crypto assets; Citi Treasury and Trade Solutions, for example, integrated a blockchain-based payment solution last year.”
See the full article for yourself, here.
What would Bitcoin adoption mean for Citibank customers?
Within this project, customers could possibly have access to a range of Bitcoin products. Of course, it’s not guaranteed that Citibank will choose Bitcoin in the end, but given that Bitcoin is the biggest cryptocurrency by quite a long stretch, it would be a likely choice.
Citibank could offer options for trading and investing and might look to build an exchange. Moreover, they could even offer a Bitcoin wallet and allow Bitcoin to be stored within standard traditional bank accounts.
The bigger picture could see Bitcoin payment options associated with Citibank. Overall, anything that can be done with Bitcoin, could eventually be offered as a service to its customers.
Remember, this is speculation. We can’t say when or if this will happen but at the very least, we are pretty certain that some sort of cryptocurrency adoption is on Citibank’s radar for sure.