Citigroup eyes crypto market with 100 digital asset roles

Citigroup is planning to create 100 new roles focused on digital assets including blockchain and cryptocurrencies.

In a memo to staff which was shared with the media, the bank said the team would be led by its head of blockchain and digital assets at its global markets operation, Puneet Singhvi.

Singhvi will work with the team to develop products and capabilities for digital assets.

It will provide subject matter expertise, product development, project management, and outline a 'distinct strategy' on where and how Citigroup should go about digital asset opportunities including new products, clients, and investments.

Citi said that the team will focus on engaging with key stakeholders, including clients, start-ups, and regulators.

According to a report by Reuters the new team will be made up of both internal and external hires and be based across a number of international locations, including London, Tel Aviv, New York, and Singapore.

The bank plans to complete hiring by the end of next year.

"Prior to offering any products and services, we are studying these markets, as well as the evolving regulatory landscape and associated risks, in order to meet our own regulatory frameworks and supervisory expectations," a Citi spokesperson told the news agency.

The move comes as a number of global banks explore digital assets and the growing cryptocurrency market.

Earlier this year Goldman Sachs set up a crypto-trading team, while the Bank of America began cryptocurrency research coverage, and JPMorgan opened up crypto funds to wealth management clients.

FStech has reached out to Citigroup for further comment.

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