Citibank is among the most famous mega-bank brands and franchises on earth. Suddenly this top three-ranked American bank has come down with a case of the cryptocurrencies. Digital asset followers are hopeful that Citi will make the quantum leap to adopting the Godfather of cryptocurrencies, Bitcoin.
The financial institution based in New York City dates back to the War of 1812. Though, it only recently began devoting time and interest to digital assets like BTC. With global operations and over 200,000 employees around the U.S. and the world, it also counts numerous subsidiary firms. These exist all over the globe, but are particularly strong in Asia.
There is serious speculation brewing that Citi’s newly acquired interest in the cryptocurrencies may end with them officially accepting BTC. Consequently, this would make Citibank the first truly global bank on earth to adopt one of the digital assets. Rival mega-banks beware.
Could Citi Be Preparing to Offer a Revolutionary New Cryptocurrency Product?
It is a reasonable assumption that Citi may be contemplating at least a digital assets’ offering of some kind. An inside source revealed that the banking group is looking into other cryptocurrencies besides Bitcoin. Unfortunately, the inside source would not disclose which digital assets. They did admit that the majority of the ones under consideration could be appropriate for retail. That gives us some clues as to what they may be plotting.
Other banking institutions may be researching blockchain and the cryptocurrencies today. Citibank is not the first financial institution to consider them. Yet Citi’s approach is more than simply contemplating them. They are seriously exploring how they might integrate the digital assets into their existing business operations.
Citi Has a History with Cryptocurrencies That Has Been Forgotten
It has been forgotten that Citi already has a prior history with cryptocurrencies. What is more, this is a strong connection. Their Citi Treasury and Trade Solutions have already adopted several payment solutions which operate on blockchain technology. They picked this up in 2017.
Citibank could be working on a cryptocurrency wallet, digital assets exchange, or even more significantly, the ability to deposit BTC. If they fold it into their existing bank account platform, mass adoption is coming soon.