According to reports, Citigroup is hiring 100 people for its new encryption team. “We believe in the potential of blockchain and digital assets, including the benefits of efficiency, real-time processing, segmentation, programmability, and transparency.”
Citigroup expands its crypto team
Bloomberg reported on Monday, citing people familiar with the matter, that Citigroup is reportedly seeking to recruit 100 people to develop its digital asset team in its institutional business.
According to a memo to employees seen by Bloomberg News, Puneet Singhvi will become the company’s new digital asset director in Citi’s institutional client base. Singhvi was previously the head of blockchain and digital assets for Citi’s trading business.
In his new position, he will report to Emily Turner, who is responsible for overseeing the business development of the entire group. Turner explained in a memo to employees:
We believe in the potential of blockchain and digital assets, including the benefits of efficiency, real-time processing, segmentation, programmability, and transparency.
“Puneet and the team will focus on working with key internal and external stakeholders, including customers, startups and regulators,” Turner pointed out. They will provide expertise and strategies on how to use blockchain and digital assets for Citi’s different businesses (including trading, securities services, investment banking, and financial and trade solutions).
Citigroup stated in an email statement, “We focus on assessing the needs of our customers in the field of digital assets,” and elaborated:
Before providing any products and services, we are studying these markets, as well as the ever-changing regulatory environment and related risks, to meet our own regulatory framework and regulatory expectations.
In addition, the publication pointed out that Shobhit Maini and Vasant Viswanathan will serve as co-heads of blockchain and digital assets for Citigroup’s global market operations. They will report to Biswarup Chatterjee, the head of innovation for the business.
Turner pointed out that the digital asset work of the company’s institutional department is a continuation of its collaboration with blockchain, emphasizing that they “conform to our research on emerging technologies, working with partners to develop solutions, and implementing new features supported by strong governance and control. Strategy.”
Citigroup launched its digital asset division in June to provide customers with access to cryptocurrencies. By August, the company had applied to trade Bitcoin futures and was waiting for regulatory approval. “Our customers are becoming more and more interested in this field, and we are paying attention to these developments,” the company was quoted as saying.
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