One of the leading American banks – Citigroup Inc. (Citi) – reportedly plans to double down on its cryptocurrency endeavors by looking to hire 100 people as part of a new push in the sector.
Citi Dives Deeper
According to a Bloomberg coverage, the third-largest banking institution in the USA – Citigroup – plans to grow its digital asset team by appointing 100 new employees. The division will also have a new head – Puneet Singhvi – who will report to Emily Turner – Head of Business Development at the bank.
“We are focused on assessing the needs of our clients in the digital asset space,” a Citi spokesman said.
Singhvi’s division will develop a strategy that can allow different internal operations, including trading, investment banking, and securities services, to work together with digital assets and blockchain technology.
According to Turner, Citi believes in the potential of blockchain and cryptocurrencies, “including the benefits of efficiency, instant processing, fractionalization, programmability, and transparency.” She added that the digital asset unit will also focus on “engaging with key internal and external stakeholders including clients, startups and regulators.”
Previously, Singhvi was head of blockchain and digital assets at Citigroup’s trading business, where he spearheaded many of the bank’s first steps in the space.
Citi’s History with Crypto
The banking giant joined the cryptocurrency bandwagon in May when it announced plans to release digital asset trading services for asset managers and family offices. Itay Tuchman – Citi’s Global Head of Foreign Exchange – noted that the move was dictated by the rapid increase in clients’ interest in the asset class.
A few months later, the financial institution started considering trading bitcoin futures on the Chicago Mercantile Exchange (CME). However, a Citi spokesperson said the initiative will be cautiously examined due to the regulatory requirements.
US Banks And Crypto
Despite having a somewhat controversial past with the cryptocurrency industry, two of the largest American banks – Goldman Sachs and JPMorgan – started providing digital asset services to their customers this year.
In the spring, the former, which at one point claimed bitcoin and the alternative coins are not an asset class, enabled its institutional clients to trade BTC derivatives. Additionally, Goldman buys and sells bitcoin futures in block trades on CME Group.
JPMorgan – known as having one of the biggest bitcoin critics as its CEO (Jamie Dimon) – also joined the list by providing its top customers with exposure to six cryptocurrency funds.
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