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According to reports, Citigroup is hiring 100 people for its new encryption team. “We believe in the potential of blockchain and digital assets, including the benefits of efficiency, real-time processing, segmentation, programmability, and transparency.”

Citigroup expands its crypto team

Bloomberg reported on Monday, citing people familiar with the matter, that Citigroup is reportedly seeking to recruit 100 people to develop its digital asset team in its institutional business.

According to a memo to employees seen by Bloomberg News, Puneet Singhvi will become the company’s new digital asset director in the Citi agency customer base. Singhvi was previously the head of blockchain and digital assets for Citi’s trading business.

In his new position, he will report to Emily Turner, who is responsible for overseeing the business development of the entire group. Turner explained in a memo to employees:

We believe in the potential of blockchain and digital assets, including the benefits of efficiency, real-time processing, segmentation, programmability, and transparency.

“Puneet and the team will focus on working with key internal and external stakeholders, including customers, startups and regulators,” Turner noted. They will provide expertise and strategies on how to use blockchain and digital assets for Citi’s different businesses (including trading, securities services, investment banking, and treasury and trade solutions).

Citigroup stated in an email statement, “We are focused on assessing the needs of our customers in the field of digital assets,” and elaborated:

Before providing any products and services, we are studying these markets and the ever-changing regulatory landscape and related risks to meet our own regulatory framework and regulatory expectations.

In addition, the publication pointed out that Shobhit Maini and Vasant Viswanathan will serve as co-heads of blockchain and digital assets for Citigroup’s global market operations. They will report to Biswarup Chatterjee, the head of innovation for the business.

Turner pointed out that the digital asset work of the company’s institutional department is a continuation of its collaboration with blockchain, emphasizing that they “conform to our research on emerging technologies, working with partners to develop solutions, and implementing new features supported by strong governance and control. Strategy.”

Citigroup roll out Its digital asset department provided customers with access to cryptocurrencies in June.By August, the company had Apply to trade Bitcoin futures And is waiting for regulatory approval. “Our customers are becoming more and more interested in this area, and we are monitoring these developments,” the company was quoted as saying.

What do you think of Citigroup’s hiring of 100 employees for its encryption department? Please let us know in the comments section below.

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