Citigroup is planning to enter the crypto space in a major way by adding a hundred employees to a new division that focuses on digital assets.
According to a new Financial News report, the financial services giant is appointing blockchain veteran and current Citigroup manager Puneet Singhvi to lead the division whose primary focus will be serving institutional clients.
The report claims to have seen an internal memo, which elaborates on the new unit’s role.
“[It will] outline a distinct strategy on where and how ICG [International Clients Group] should pursue digital asset opportunities including new products, new clients, and new investments.”
Citigroup’s head of business development Emily Turner is also quoted from the internal document.
“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.”
The memo goes on to say that the crypto division would fill approximately 100 new job roles.
The news comes on the heels of Citigroup CEO Jane Fraser saying last month that she sees a place for cryptos within the traditional financial system and that the company would look to incorporate digital asset services with “appropriate caution.”
“It’s clear that digital assets will be part of the financial services and financial markets, the future of them. We already see clients very active in the space.
We’re building the infrastructure for retail real-time payments. But we’re doing so cautiously, because the space is moving so quickly and not all the guard rails that you would like to see are yet in place.”
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