Citigroup Inc. (Citi), one of America’s leading banks, plans to increase its cryptocurrency efforts by hiring 100 people in a new effort to push the sector.
Citi Dives Deeper
Bloomberg reports that Citigroup, America’s third largest bank, plans to hire 100 more employees to expand its digital asset team. Puneet Singhvi, the new head of the division, will report to Emily Turner, Head of Business Development at Citibank.
Citi spokesperson said that they are focusing on the assessment of the needs and wants of their clients in the space of digital assets.
Singhvi’s division is developing a strategy to allow various internal operations (including trading, investment banking and securities services) to be combined with digital assets or blockchain technology.
Turner stated that Citi believes in blockchain and cryptocurrency, including the “benefits of efficiency, instant processing and fractionalization,” and she added that the digital asset unit would also be focused on “engaging key internal and external stakeholders such as clients, startups, regulators, and other stakeholders.”
Singhvi previously headed the blockchain and digital assets department at Citigroup’s trading division, where he led many of the bank’s first moves in this space.
Puneet Singhvi, Source: Indian Television
Citizen’s History with Crypto
In May, the banking giant announced that it would offer digital asset trading services to asset managers and family offices. Itay Tuchman, Citi’s Global Head for Foreign Exchange, stated that the decision was driven by clients’ increasing interest in the asset class.
A few months later the financial institution began to consider trading bitcoin futures on Chicago Mercantile Exchange. Citi spokespersons said that the initiative would be carefully examined because of the regulatory requirements.
US Banks And Crypto
Two of America’s largest banks, JPMorgan and Goldman Sachs, started offering digital asset services to customers in 2018, despite having an unfavorable history with cryptocurrency.
The former, who at one time claimed that bitcoin and other coins were not an asset class (the spring), allowed institutional clients to trade BTC derivatives. Goldman also trades Bitcoin futures on CME Group in block trades.
JPMorgan, known for having Jamie Dimon as its CEO, one of the most scathing bitcoin critics in the world, joined the list by providing six cryptocurrency funds exposure to its top customers.
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