Citigroup has announced that it will be hiring an additional 100 people for its digital asset division. The firm has already appointed Puneet Singhvi as the head of the digital asset division.
Citigroup is one of the leading banks in the US, which is now doubling down on its crypto investments, and this new team will assist the firm in these endeavours.
Citigroup pushes into crypto investments
A recent publication from Bloomberg has stated that Citigroup, the third-largest financial institution globally, was planning to invest more into digital assets by appointing 100 more people to its team. Puneet Singhvi, the head of this new division, will report directly to Emily Turner, the Head of Business Development at Citigroup.
The new division will develop a strategy that will enable the firm’s internal operations such as trading, investment banking, and the trading of securities. Moreover, the team will also work with digital assets and blockchain technology as a whole.
Turner spoke about the involvement of Citi with cryptocurrencies stating that they offer “benefits of efficiency, instant processing, fractionalization, programmability, and transparency.” She also stated that the new unit will also focus on teaming up with stakeholders such as clients, regulators and startups.
Financial institutions venturing into crypto
Citigroup ventured into the crypto sector in May. A few months after this, the firm announced that it would look into Bitcoin futures trading at the Chicago Mercantile Exchange (CME). However, the firm later stated that it would be cautious before launching such an offering.
Citigroup is not the only leading financial institution in the US to state that it would look into crypto investments. Other top firms such as JPMorgan and Goldman Sachs also offer crypto services, which they launched this year.
JPMorgan’s offering of crypto investments was unexpected as the firm had previously stated that cryptocurrencies were not an asset class. However, the investment bank is now offering Bitcoin derivatives, and it allows its wealth management clients to access six cryptocurrency funds. Goldman Sachs has also launched the purchase and sale of Bitcoin futures in block trades at the CME Group.
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