Citi Bank Launches "Digital Asset Group" for Developing Crypto Products
Annie Li Jun 25, 2021 07:20
Citi group announced a "digital asset group" has been launched in its wealth management department for developing crypto-related products.
Citi group officially announced a "Digital Asset Group" launch in its wealth management department on Thursday.
This new division will be led by Alex Kriete and Greg Girasole of the Citi Global Wealth Investment (CGWI) division. The establishment of the Digital Assets Group will make Citi the latest bank to set foot in the field of encrypted wealth management.
According to the memorandum signed by Iain Armitage, head of Citi's global capital markets, and global head of Citi's investment management Rob Jasminski, Kriete and Girasole's promotion will be responsible for leading the new department to provide digital assets such as cryptocurrencies, non-fungible tokens (NFT), stablecoins and central bank digital currencies (CBDC) the best market-leading partner for various assets.
Citigroup wrote in a signed memorandum:
"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 group said it would commit to the development of cryptocurrency and blockchain fields. In addition to Citibank, other well-known financial institutions, such as Morgan Stanley and Goldman Sachs, have also launched their internal plans to scrambling for a piece of the action in the cryptocurrency market for their wealthy wealth management clients.
Earlier in May, Citi Group is planning to enter the crypto space. The multinational investment bank appears to be in the early stages as it has not decided on specific crypto services it would offer.
However, the bank is engaging in discussions regarding the roll-out of trading, financing, and custody of all crypto services.
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