Citigroup is looking to hire 100 people to its new crypto team. “We believe in blockchain and digital assets, including their potential for efficiency, instant processing and fractionalization as well as transparency.”

Citigroup Growing Its Crypto Team

Bloomberg reported Monday that Citigroup is looking to hire 100 people in order to expand. Its digital asset team within the institutional business. Bloomberg cited a source familiar with the matter.

According to a memo sent to employees by Bloomberg News. Puneet Singhvi will become the new head of digital assets for Citi’s institutional clients group. Singhvi was previously the head of digital assets and blockchain within Citi’s trading company.

He will report to Emily Turner who is responsible for business development within the larger group. In a memo to staff Turner stated:

Turner stated that Puneet and his team will be focusing on engaging with key stakeholders, including clients, startups and regulators. They will offer expertise and a strategy to help Citi’s different businesses, including trading, investment banking and treasury, use blockchain and digital assets.

Citigroup stated via email that it was “focused on assessing our clients’ needs in the digital asset area,” expounding:

The publication also noted that Shobhit Majori and Vasant Viswanathan would be co-heads for blockchain and digital assets in Citigroup’s global market business. Biswarup Chatterjee will be their chief of innovation.

Turner noted that the digital assets efforts of the firm’s institution division are a continuation to its work with blockchain. Turner said that they “are consistent in our strategy to explore emerging technologies, collaborate to develop solutions, and implement new capabilities.

That can be enabled by strong governance and controls.” Citigroup’s digital asset division was launched in June by the bank to give clients access to cryptocurrencies. The firm had already filed to trade bitcoin futures by August and was still waiting for regulatory approval. According to the firm, “Our clients are becoming increasingly interested in this area, and we are monitoring them,”

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