Key points to remember
- Banking giant Citi has announced that it will hire 100 new employees to expand its digital assets division.
- He will also appoint Puneet Singhvi, who led another of the company’s blockchain efforts, as the head of the division.
- Citi initially formed its digital assets division in June; the number of employees involved at this time is unknown.
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Banking giant Citi has announced that it is hiring 100 employees for its digital assets division, according to various reports.
Citi to expand crypto efforts
Citi first launched its digital assets division in June. Now he will expand the division with 100 new employees.
In addition to these hires, Citi has appointed Puneet Singhvi to head the digital assets division, a staff change that will take effect on December 1. Singhvi was previously the head of blockchain and digital assets within Citi’s global markets division.
Shobhit Maini and Vasant Viswanathan will take over Singhvi’s former role, acting as blockchain chiefs for the Global Markets division.
The digital assets division will be part of Citi’s institutional client group, led by Emily Turner. The new digital assets team would develop a strategy to help companies in the institutional client group use blockchain.
“[The Institutional Client Group’s] the efforts on digital assets are a continuation of our work with blockchain, ”Turner wrote in a memo. “As such, the Puneet team will lead ICG-wide digital asset governance and work closely with our second and third lines. “
Many banks are working on crypto
Citibank has been keenly interested in cryptocurrency for almost six months now. Various sources initially reported that Citi was planning to work with digital assets this spring, as the bank released a report on the role of cryptocurrency in global trade. In late October, the company looked at Coinbase shares in another report.
Citi is just one of many large banks that have started working with or reviewing cryptocurrency in recent years, alongside big names like JPMorgan, Bank of America and BNY Mellon.
Earlier this month, former Citi CEO Vikram Pandit suggested that every major bank would consider crypto within 1-3 years.
Citi is the 13th largest bank in terms of total assets, according to the S&P Global Market Intelligence report from April 2020.
Disclosure: At the time of writing, the author of this article had less than $ 100 worth of BTC, ETH, and altcoins.
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