Citigroup to launch digital asset division for institutional clients
Financial conglomerate Citigroup has announced the launch of a cryptocurrency-focused unit within its institutional services group. It will be led by Punit Singwi, former head of blockchain and digital assets at Global Markets.
100 professionals will be hired to work in the new business unit.
Singvi's team will provide expertise and shape the strategy for the unit's blockchain and digital assets focus on trading, securities services, investment banking, and treasury and trading solutions.
We believe in the potential of technology and digital assets. The new initiative continues our work in this space and aligns with our new technology strategy, said an internal memo to employees.
As a reminder, in August, the media learned of Citigroup's preparations to enter the bitcoin futures market.
In June, the financial conglomerate announced the creation of a digital currencies group within its asset management division, Citi Global Wealth Investments.
Citigroup's head of foreign exchange operations, Itai Tuckman, said in May that the bank was considering launching cryptocurrency trading and custody services.
Previously, the institution led the investment round for Amberdata. The firm provides blockchain, cryptocurrency and DeFi sector data used for research, trading, risk assessment, analytics, reporting and compliance.