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Citibank Exec Saw Customers Becoming More And More Interested In Bitcoin And DeFi
Summary: Itay Tuchman, head of global foreign exchange at Citibank, said at the Token2049 conference in London on Friday that during the Covid-19 pandemic, customers first became more interested in Bitcoin and then in DeFi. He talked about the intersection of crypto and traditional finance: "It was almost instantaneously a narrative about investing in crypto ecology, ...
Itay Tuchman, head of global foreign exchange at Citibank, said at the Token2049 conference in London on Friday that during the Covid-19 pandemic, customers first became more interested in Bitcoin and then in DeFi.
He talked about the intersection of crypto and traditional finance: "It was almost instantaneously a narrative about investing in crypto ecology, and decentralized networks and different kinds of financial architecture in the future; [it] became a technology—an innovation-investment conversation—in a matter of seconds...Like anyone who's in crypto knows, you start with Bitcoin and you're down the rabbit hole very quickly."
When asked what prevented institutional investors from moving from passive curiosity about cryptocurrencies to active trading, Tuchman pointed out regulation and concerns about risk and compliance. He said: "We’re not Tesla. We’re not in the business of inventing things that customers will want in the future. Banks stand for safety and soundness."
By Mary Liu
Tags: Citibank,Cryptocurrency,DeFi,Institutional Investor,Itay Tuchman
Link: Citibank Exec Saw Customers Becoming More And More Interested In Bitcoin And DeFi [Copy]
