Citi group on crypto hiring spree appoints head of digital asset

Citi group

TL;DR Breakdown

  • Citi group hires over 100 crypto professionals for its digital asset department.
  • Bank set to begin offering crypto services to clients soon.
  • Scores of American banks also want to begin offering crypto service.

American multinational investment bank Citi group has been on a crypto hiring spree over the past week as the bank continues to build its digital asset department.

Most recently, Citi group appointed Puneet Singhvi to lead its Institutional Clients Group (ICG). He would resume on December 1.

Alongside Singhvi, the bank has hired 100 more staff for its digital asset division. It explains Citi group’s effort to improve its understanding of digital assets. Singhvi was previously the head of blockchain and digital assets in Citi’s trading business.

Citi group, digital assets services, to launch soon

Although no date has been fixed for when exactly the digital assets service would begin, Emily Turner, head of business development at the ICG, has revealed that the bank is exploring its options in providing digital assets services to its clients.

“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.”

“We believe in the potential of blockchain and digital assets, including the benefits of efficiency, instant processing, fractionalization, programmability, and transparency, he said further.

More and more American banks looking crypto way

Citi group is not the only American bank hiring crypto professionals. In October, Bank of America sought the service of a specialist on Ripple (XRP).

In November, report had it that more financial institutions have hired crypto professionals in the first half of 2021.

More banks, including JP Morgan Chase, Wells Fargo, Goldman Sachs, and Morgan Stanley, are still seeking to hire more crypto talent.

In July, JP Morgan bank became the first major U.S. bank to give all its wealthy clients access to crypto funds. According to Business Insider reports, the bank gave its wealth management the approval to access Bitcoin and other cryptocurrency funds.

More banks are looking at offering crypto services also for their clients.

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