US multinational investment bank Citi has announced that it has appointed Puneet Singhvi to lead the digital assets division of its Institutional Clients Group (ICG) effective December 1.
In addition to appointing Singhvi on November 22, Citi is hiring an additional 100 people for its digital assets division. The move indicates a concerted effort to strengthen the financial group’s knowledge of digital assets. Singhvi was previously the head of blockchain and digital assets in Citi’s trading division.
Citi Group is the world’s largest credit card issuer, and its ICG serves businesses, financial institutions and governments around the world.
A statement emailed by Emily Turner, Head of business development at ICG, hinted that the bank is exploring its options in providing digital asset services to its clients.
“Before offering any product or service, we are studying these markets, as well as the evolution of the regulatory landscape and associated risks to meet our own regulatory frameworks and supervisory expectations.”
Turner went on to say: “We believe in the potential of blockchain and digital assets, including the benefits of efficiency, instant processing, fractionalization, programmability, and transparency.”
Citi is not the only major bank in the United States to hire trained cryptocurrency staff, as Bank of America sought out a Ripple (XRP) specialist in October. What’s more, Yahoo News reported on Nov. 6 that financial institutions have increased hiring of cryptocurrency experts by 40% in the first half of 2021, and they are attracting this netech talent by increasing salary packages by up to 50%.
In addition to Citi, other large banks seeking crypto talent include JPMorgan Chase, BNY Mellon, Deutsche Bank, Wells Fargo, Goldman Sachs, Morgan Stanley, Capital One, UBS, Credit Suisse, and Barclays.
Citi Group does not currently offer any type of service dedicated to digital assets for its clients, Although rumors circulating in late August suggested that it was considering offering Bitcoin futures trading for institutional investors.
Some of Citi’s competitors among the largest banks in the United States already offer various services related to digital assets. JP Morgan provides access to six different cryptocurrency funds, while Bank of America currently offers Bitcoin futures trading for select clients and has its own cryptocurrency research team.
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