According to Citigroup executive Biswalup Chatterjee to Reuters, the Bank is considering the introduction of an encrypted currency hosting and payment service, with an initial focus on the hosting of “high-quality assets to support a stable currency”. As a member of the service sector, which provides financial resources, payments, cash management and other business solutions, mainly for large enterprises, Chatage indicated that banks are also exploring hosting services for exchange-traded products related to encrypted currency, which may include Bitcoin and ETF.
The popularity of Bitcoin ETF has risen dramatically since its first appearance in early 2024. According to Bitbo, 12 United States spot bitcoin ETF distributors now hold nearly 1.3 million bitcoins - about 6.2 per cent of total current supply. The iShares Bitcoin Trust (IBIT) of Belet is the largest of them, with an estimated market value of approximately $88 billion.
After a slow start, there has also been a surge in ETF inflows, with Belet ' s EPF becoming the third-ever fund to reach $10 billion in asset size. Citigroup ' s involvement in the encrypted currency market was not the first time that the Bank had worked with the Swiss SIX Digital Exchange to improve the private market through monetization using block-chain technology.