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Citigroup is next major bank to offer its clients cryptocurrency services
Global banking giant Citigroup has officially launched a new unit dedicated to cryptocurrency and blockchain. This according to a leaked memo.
In the memo. the firm on Thursday announced the new unit, named Digital Assets Group, which will be part of its wealth management division, Citi Global Wealth Investments:
“Given the exciting new developments we are seeing around cryptocurrencies, tokenization, and other advances powered by blockchain technology, we are pleased to announce the formation of the Digital Assets Group.”
The new business unit will be led by Alex Kriete and Greg Girasole. With its move, Citi is the latest major bank to break into crypto wealth management and joins a list of well-established institutions.
The memo further states that the Citi’s newly formed crypto-unit will work on developing products and “work in tandem with our functional partners and the broader Capital Markets and Citi Investment Management teams to develop a robust and scalable value proposition.”
Just a little over a month ago an executive at the bank confirmed the bank was looking at cryptocurrency, yet had not yet made any decision of offering such related services to its clients. The executive said:
“I don’t have any FOMO [fear of missing out] because I believe that crypto is here to stay and that we are just at the very beginning of the market. This isn’t a space race. There is room for more than just one flag.”
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Author: Peter Siu