Citigroup is now planning to hire 100 people for the company's crypto team. As cryptocurrency is growing in popularity and in use cases, the company is now planning to invest more of its resources into blockchain and cryptocurrency.
Citigroup to Hire 100 People
According to an article by Bloomberg, Citigroup is now looking to hire 100 people in order to grow its digital asset team within the company's institutional business. The article cited a person that was familiar with the particular topic.
The firm's new head of digital assets within Citi's own institutional client group will be Puneet Singhvi, according to a memo given to staff that was seen on Bloomberg News. Singhvi used to be the previous head of blockchain and digital assets within Citi's own trading business.
The Potential of Blockchain and Digital Assets
Within his new role, he will now be reporting to Emily Turner who is responsible for overseeing business development for the much broader group. According to the story by News.Bitcoin.com, Turner then gave an explanation in the memot towards staff.
Citigroup said that they believe in the potential of digital assets and blockchain including their benefits when it comes to instant processing, efficiency, fractionalizing, transparency, and programmability. Turner said that Puneed and the team are now set to focus on engaging with certain key internal and external stakeholders which include startups, clients, and regulators.
Strategy to Implement Blockchain Technology
They will be providing the company a strategy for how different Citi businesses which include securities services, trading, investment banking, and treasury and trade solutions will be using digital assets and blockchain. Citigroup said in an email that they are focused on assessing the needs of their clients when it comes to the digital asset space.
Before offering any services and products, they are now studying these markets along with the evolving regulatory landscape and associated risks for them to meet their regulatory framework as well as the company's supervisory expectations. In addition to this, the publication said that Vasant Viswanathan and Shobhit Maini will be co-heads of digital assets and blockchain for Citigroup's global market business.
Citigroup Launched Its Digital Asset Division in June
They will directly be reporting to Biswarup Chatterjee, the head of innovation for that particular business. Turner noted that the firm's institutional division's efforts in digital assets are a continuation of its work along with blockchain.
Turner said that they are consistent with their strategy to research certain emerging technologies. This includes collaborating with partners when it comes to develop solutions as well as implement new capabilities that are enabled by robust controls and governance.
Citigroup has just launched its own digital asset division in June for them to provide clients access directly to cryptocurrencies. In August, the firm had also filed a trade bitcoin futures option and was just waiting for regulatory approval. The firm said that their clients are increasingly interested within the space, and they are now monitoring the developments.
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Written by Urian B.