Report – Finance

Citigroup is reportedly looking to hire 100 employees for its new crypto team. “We believe in the potential of blockchain and digital assets, including the benefits of efficiency, instantaneous processing, fractionalization, programmability and transparency.”

Citigroup is expanding its crypto team

Citigroup is reportedly looking to hire 100 people to expand its digital assets team in its institutional business, Bloomberg reported on Monday, citing a person familiar with the matter.

Puneet Singhvi will be the new head of digital assets within Citi's institutional client group, according to a memo to employees seen by Bloomberg News. Singhvi was previously head of blockchain and digital assets in Citi's trading business.

In his new role he will report to Emily Turner, who oversees business development for the wider group. Turner explained to employees in the memo:

We believe in the potential of blockchain and digital assets, including the benefits of efficiency, instantaneous processing, fractionalization, programmability and transparency.

“Puneet and his team will focus on collaborating with key internal and external stakeholders such as customers, startups and regulators,” Turner said. They will provide expertise and strategy for how various Citi businesses – including trading, securities services, investment banking, and treasury and trading solutions – will leverage blockchain and digital assets.

Citigroup said in an emailed statement: “We are focused on assessing our clients’ needs in the digital assets space,” stating:

Before offering products and services, we examine these markets and the evolving regulatory landscape and associated risks in order to meet our own regulatory framework and supervisory expectations.

Additionally, the publication noted that Shobhit Maini and Vasant Viswanathan will be co-heads of blockchain and digital assets for Citigroup's global markets business. You will report to Biswarup Chatterjee, the company's head of innovation.

Turner noted that the firm's institutional digital assets division's efforts are a continuation of its work with blockchain, emphasizing that they "align with our strategy to explore new technologies, work with partners to develop solutions and implement new capabilities enabled by robust governance and controls."

Group of cities started its Digital Asset Division in June to give customers access to cryptocurrencies. By August the company had filed to trade Bitcoin futures and waited for official approval. “Our clients are becoming increasingly interested in this area and we are monitoring these developments,” the law firm is quoted as saying.

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