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Citigroup is bringing in another 100 new people for its newly created digital assets team. As reported by Bloomberg on Monday, Puneet Singhvi will be heading the firm’s crypto team. Singhvi previously was head of blockchain and digital assets at Citi’s trading department.
According to an internal memo, to which Bloomberg got its hands on, Singhvi will report to Emily Turner, who oversees business development for the company. Turner explained in the memo to staff:
“Puneet and team will focus on engaging with key internal and external stakeholders including clients, startups, and regulators. 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.”
“We believe in the potential of blockchain and digital assets including the benefits of efficiency, instant processing, fractionalization, programmability, and transparency.”
The firm’s institutional division’s digital asset efforts are a continuation of its work with blockchain, Turner stated and added 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 digital asset division was launched in June to provide clients access to cryptocurrencies.
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Author: Peter Siu