A former chief executive officer at investment giant Citigroup is predicting that all major financial institutions will consider trading crypto assets.
Vikram Pandit, who led Citigroup from 2007-2012, says in a Bloomberg interview that in the coming years, he sees large financial players exploring the idea of offering services related to crypto assets.
“[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?’”
Pandit adds that he’s also hopeful central banks will adopt digital currencies, citing the “cumbersome” nature of paper-based banking systems.
“My big hope is that central banks around the world understand the benefit of a central bank digital currency, and move on to accept, adopt them.”
Pandit now serves as CEO and chairman of The Orogen Group, a financial services firm he co-founded. He says he’s invested in US-based crypto exchange Coinbase and blockchain developer platform, Alchemy Insights.
Citigroup’s current CEO, Jane Fraser, has also spoken in support of crypto, noting there is a place for digital assets in the traditional financial system.
Fraser said that she is currently working on building the infrastructure necessary for enabling real-time payments.
“For me as a CEO, I’m working to connect our clients to wallets. We’re enabling our businesses and our corporate clients to accept consumer payments. We’re building the infrastructure for retail real-time payments.
But we’re doing so cautiously, because the space is moving so quickly and not all the guard rails that you would like to see are yet in place.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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