According to reports, Citigroup has established a “digital asset group” to provide customers with the opportunity to use cryptocurrencies. The group will operate within the bank’s wealth management department.

  • A memo to employees seen by Bloomberg shows that Citigroup has established a “digital asset group” within its wealth management department.
  • Iain Armitage, head of global capital markets at Citi Private Bank, and Rob Jasminski, who is in charge of the bank’s global investment management department, stated in the memo that the new digital asset group will be led by Alex Kriete and Greg Girasole. The memo stated that they will serve as liaisons for “all other Citigroup businesses that are expanding into this rapidly emerging field.” In addition:

They will be responsible for developing our future product capabilities, customer delivery mechanisms, and thought leadership around all digital assets.

  • The memo further explained that Citigroup plans to help customers invest in cryptocurrencies, stablecoins, non-fungible tokens (NFT) and central bank digital currencies (CBDC).

  • In May of this year, the “Financial Times” reported that Citigroup was considering launching encryption services after seeing a wide range of customers including large asset management companies’ interest in Bitcoin “very rapidly” accumulating.
  • In March of this year, the company stated that Bitcoin is at a tipping point and may become the currency of choice for international trade.
  • At the end of May, Citigroup CEO Jane Fraser testified on cryptocurrency before the Senate Banking Committee. She said that Citigroup is taking a “prudent approach” to cryptocurrency because the bank is trying to “understand the changes in the digital asset field and the use of distributed ledger technology, including customer needs and interests, regulatory developments, and technological advancements.”
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