Vikram Pandit, the former CEO of Citigroup Inc. and co-founder of Orogen Group, has declared that banks and traditional financial institutions will soon start thinking of offering cryptocurrencies.
In the interview with Bloomberg, Pandit said on the side tracks of the Singapore Fintech Festival that in a few years to come, large banks and other financial institutions will start offering crypto services directly to their customers.
Vikram Pandit is also an investor and a long-time admirer of cryptocurrencies. Hee has previously invested in one of the leading cryptocurrency exchanges, Coinbase.
In “one to three years, every large bank and, or securities firm is going to actively think about ‘shouldn’t I also be trading and selling cryptocurrency assets?”Vikram Pandit, Former CEO of Citigroup Inc.
Meanwhile, banks and other financial institutions are already taking steps and seeking ways to enter the crypto industry. Also according to reports by Revelio Labs, banks are now paying a 50 percent premium to employ crypto talents. The banks are making this move because they risk losing their customers to other banks or financial institutions that offer these crypto services.
“Already Happening…” – Former Citigroup CEO
Meanwhile, banks and other financial institutions are already taking steps and seeking ways to enter the crypto industry.
A participle to this is that just last week, Australia’s Commonwealth Bank (CBA) is set to become the first banking institution in the country to offer crypto services to its clients. The bank noted that it would allow its customers to buy, sell, and hold digital assets directly via the CommBank app.
However, while these traditional financial systems offer clients exposure to crypto-assets, none of them has decided to trade crypto directly to their clients, which is about to change soon, according to Pandit.
Also, have a look:
- French central bank completes CBDC bonds pilot
- Bank of Spain issues Guidelines for further Crypto Services
- Crypto-Assets are not too risky: Bank of England