According to reports, Citigroup is looking to hire 100 people for its new crypto team. “We believe in blockchain and digital assets’ potential, including the benefits of efficiency, instant processing, fractionalization, programmability, and transparency.”
Citigroup Expands Its Crypto Team
On Monday Citigroup is looking to hire 100 people to expand its digital asset team within its institutional business, citing a person familiar with the matter.
If they want to stay on during peak demand periods, they must pay a premium per kilowatt-hour.
According to a memo seen by Bloomberg News, Puneet Singhvi will be the firm’s new head of digital assets within Citi’s institutional client group. Singhvi previously served as Citi’s trading business’s head of blockchain and digital assets.
In his new position, he will report to Emily Turner, who is in charge of the group’s business development. Turner explained in a memo to employees:
We believe in blockchain and digital assets’ potential, including the advantages of efficiency, instant processing, fractionalization, programmability, and transparency.
“Puneet and his team will focus on engaging with key internal and external stakeholders such as clients, startups, and regulators,” Turner explained. They will provide expertise as well as a strategy for how various Citi businesses, such as trading, securities services, investment banking, and treasury and trade solutions, will use blockchain and digital assets.
“We are focused on assessing the needs of our clients in the digital asset space,” Citigroup said in an emailed statement, adding:
We are researching these markets, as well as the evolving regulatory landscape and associated risks, before offering any products or services in order to meet our own regulatory frameworks and supervisory expectations.
Furthermore, Shobhit Maini and Vasant Viswanathan will be co-heads of blockchain and digital assets for Citigroup’s global markets business, according to the publication. They will report to Biswarup Chatterjee, the company’s head of innovation.
Turner emphasized that the firm’s institutional division’s digital asset efforts “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.”
In June, Citigroup launched its digital asset division to provide clients with access to cryptocurrencies. By August, the firm had filed for regulatory approval to trade bitcoin futures. “Our clients are becoming increasingly interested in this space, and we are keeping an eye on these developments,” the firm was quoted as saying.