Citigroup is taking a massive leap into the blockchain space as it is looking to create 100 new roles related to digital assets under its institutional division, the Wall Street giant confirmed on Tuesday.
“We are focused on assessing the needs of our clients in the digital asset space,” Citigroup wrote in a media statement.
As a part of the hiring push, the financial giant has tapped its Head of Blockchain and Digital Assets at its global markets operation, Puneet Singhvi, to lead its Institutional Clients’ Group (ICG) in the digital asset space.
The bank is expected to complete the massive hiring process by the end of 2022. Further, a company spokesperson added that the new digital asset team will comprise of both internal and external hires and will be scattered across Singapore, New York, London and Tel Aviv.“Prior to offering any products and services, we are studying these markets, as well as the evolving regulatory landscape and associated risks in order to meet our own regulatory frameworks and supervisory expectations,” Citi’s statement added.
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The Big Crypto Push
The purpose of the digital asset team is to provide expertise and to outline strategies on how businesses within the bank’s institutional client group can adapt products based on the new technology.
“We believe in the potential of blockchain and digital assets including the benefits of efficiency, instant processing, fractionalization, programmability and transparency,” an internal memo sent by Emily Turner, the Head of Citi Business Development, to Citi staff stated. “Puneet and the team will focus on engaging with key internal and external stakeholders, including clients, startups and regulators.”
Meanwhile, Citi is not the first traditional financial giant to fully dive into digital assets. The Bank of America, Goldman Sachs and JPMorgan Chase are either offering digital asset products or some other services to their client base.