by Kevin Helms
Citigroup is reportedly looking to hire 100 people for its new crypto team. “We believe in the potential of blockchain and digital assets including the benefits of efficiency, instant processing, fractionalization, programmability, and transparency.”
Citigroup is reportedly looking to hire 100 people to grow its digital asset team within its institutional business, Bloomberg reported on Monday, citing a person familiar with the matter.
Puneet Singhvi will be the firm’s new head of digital assets within Citi’s institutional client group, according to a memo to staff seen by Bloomberg News. Singhvi was previously head of blockchain and digital assets within Citi’s trading business.
In his new role, he will report to Emily Turner, who oversees business development for the broader group. Turner explained in the memo to staff:
We believe in the potential of blockchain and digital assets including the benefits of efficiency, instant processing, fractionalization, programmability, and transparency.
“Puneet and team will focus on engaging with key internal and external stakeholders including clients, startups, and regulators,” Turner noted. They will provide expertise and a strategy for how different Citi businesses — including trading, securities services, investment banking, and treasury and trade solutions — will use blockchain and digital assets.
Citigroup stated in an emailed statement, “We are focused on assessing the needs of our clients in the digital asset space,” elaborating:
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.
In addition, the publication noted that Shobhit Maini and Vasant Viswanathan will be co-heads of blockchain and digital assets for Citigroup’s global markets business. They will report to Biswarup Chatterjee, head of innovation for that business.
Noting that the firm’s institutional division’s digital asset efforts are a continuation of its work with blockchain, Turner stressed that they “are consistent with our strategy to research emerging technologies, collaborate with partners to develop solutions and implement new capabilities enabled by robust governance and controls.”
Citigroup launched its digital asset division in June to provide clients access to cryptocurrencies. By August, the firm had filed to trade bitcoin futures and was waiting for regulatory approval. “Our clients are increasingly interested in this space, and we are monitoring these developments,” the firm was quoted as saying.
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by Kevin Helms