Citibank, one of the biggest banking institutions in the world, is beginning to position itself into the world of Cryptocurrencies. This is the first bank to stand behind this new online currency, and that it not shocking. Citibank is known to being an innovator and refreshing financial institutions. It was revealed in their announcement that they’ve been secretly working on this innovation since 2005.
The Global Head of Innovation at Citibank, GulruAtak, was recently interviewed and revealed that Citibank has been pursuing cryptocurrencies to re-invent their digital assets. During the early years of the project, accomplishing their goals just wasn’t possible. This is why the bank institution returned to the project back in 2017.
JP Morgan’s, one of the oldest banking institutions in the United States was also been looking into the crypto world. Their services will internally differ from Citibank, as JP Morgan plans to support other banking institutions. Citibank is creating their own in-house service that won’t be able to be accessible to their competitors.
Atak Guarantees Cryptocurrency is Coming to Citibank
During the Citibank press conference, Citibank’s global head of innovation guaranteed that Citibank is walking towards blockchain and cryptocurrency technologies. She also revealed that the banks focus is more on trade finance, trade credits and the overall trade space.
Before they move forward with the technology, they will be experimenting with it before it’s launched across their services. Atak stipulated that it will be a while before their experiments are complete and they reserve the right to making new public announcements regarding the service.
The good news about this announcement is that crypto enthusiasts will finally have a major banking institution embrace all things crypto. Their experimentation will reveal new avenues for their application that aren’t being contemplated now. The road ahead will be exciting, with major competitors most likely announcing similar products coming to their service.