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Citi Considering Crypto Services Amid Surge in Interest: Report
Trading, custody and financing are all said to be under consideration by the U.S. banking giant.
Updated May 9, 2023, 3:19 a.m. Published May 7, 2021, 8:34 a.m.
Citigroup is weighing launching cryptocurrency services amid a surge in interest from its clients.
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- Trading, custody and financing are all under consideration, according to a report by the Financial Times, citing Itay Tuchman, Citi's global head of foreign exchange.
- There has been a "very rapid" accumulation in interest from clients, Tuchman told the newspaper.
- However, Citi is in no rush to make decisions involving the crypto market, he added.
- The U.S. banking giant would be following a number of its peers in developing crypto services.
- Thursday, Goldman Sachs confirmed it is offering investors access to bitcoin derivatives, buying and selling bitcoin futures in block trades.
- Others banks including BNY Mellon and Deutsche Bank have entered the space, too, or have plans to do so soon.
See also: JPMorgan to Let Clients Invest in Bitcoin Fund for First Time: Sources
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VanEck's new Avalanche ETF filing to include staking rewards for AVAX investors
The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
What to know:
- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
- The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
- If approved, the fund will trade on Nasdaq under the ticker VAVX, tracking AVAX's price via a custom index, and will be custodied with regulated providers, including Anchorage Digital and Coinbase Custody.
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