The group is the latest banking giant to consider pushing into the new markets according to Itay Tuchman, its global head of foreign exchange. Despite the reputational challenges, large dealers have been forced to respond to surging interest in bitcoin from asset managers and hedge funds. Tuchman said the bank had not yet decided whether it would offer its clients cryptocurrency-related services, but he said that trading, custody and financing were all under consideration.
“There are different options from our perspective and we are considering where we can best service clients. This is not going to be a prop-trading effort,” Tuchman told the Financial Times, referring to proprietary trading in which banks trade on their own accounts.