Report – Finance Bitcoin News

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

Citigroup Growing Its Crypto Team

Bloomberg claimed Monday that Citigroup was looking for 100 new employees in order to increase its digital asset department within its institutional business. Bloomberg quoted a person who is familiar with this matter.

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

His new position will see him reporting to Emily Turner, the business development manager for the wider group. The memo was sent by Turner to all staff.

Blockchain and digital assets have the potential to bring efficiency, transparency, speed, fractionalization and transparency.

“Puneet and team will focus on engaging with key internal and external stakeholders including clients, startups, and regulators,” Turner noted. They will provide expertise and a strategy for how different Citi businesses — including trading, securities services, investment banking, and treasury and trade solutions — will use blockchain and digital assets.

Citigroup stated in an emailed statement, “We are focused on assessing the needs of our clients in the digital asset space,” elaborating:

We study the markets before we can offer products or services.

In addition, the publication noted that Shobhit Maini and Vasant Viswanathan will be co-heads of blockchain and digital assets for Citigroup’s global markets business. Biswarup Chaterjee, the head of innovation in that company’s global markets business will oversee them.

Noting that the firm’s institutional division’s digital asset efforts are a continuation of its work with blockchain, Turner stressed that they “are consistent with our strategy to research emerging technologies, collaborate with partners to develop solutions and implement new capabilities enabled by robust governance and controls.”

Citigroup created its digital asset division in June, to allow clients to access cryptocurrencies. In August, Citigroup had applied to trade Bitcoin Futures. It was currently waiting for regulatory approval. “Our clients are increasingly interested in this space, and we are monitoring these developments,” the firm was quoted as saying.

Are you happy with Citigroup’s decision to hire 100 employees for its crypto business? Comment below.

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