American multinational investment bank Citi announced that it has appointed Puneet Singhvi to head the Digital Asset Division of its Institutional Client Group (ICG) effective December 1.
In addition to the appointment of Singhvi on November 22nd, Citi is hiring 100 additional people for its Digital Asset Division. The move represents a concerted effort to improve the finance team’s understanding of digital assets. Singhvi was previously the head of blockchain and digital assets in Citi’s commercial business
The Citi Group is the world’s largest credit card issuer and its ICG serves corporations, financial institutions and governments worldwide.
An email statement from Emily Turner, director of business development at ICG, suggests the bank is reviewing its options in providing digital asset services to its clients.
“Before we offer products and services, we examine these markets as well as the evolving regulatory landscape and the associated risks in order to meet the regulatory framework and expectations. Our own oversight.”
Turner continued, “We believe in the potential of blockchain and digital assets, including the benefits of efficiency, instant processing, sharding, programmability and transparency.”
Related: Financial Institution of America identifies 20 prominent US companies with cryptocurrency exposure
Citi isn’t the only major U.S. bank recruiting crypto talent as Lender of The usa hired a Ripple (XRP) expert in October, and Yahoo Information reported on Nov. 6 that financial institutions were closing their crypto leases in their first year have increased by 40% in half of 2021 and they are attracting these nice talent by increasing their salary packages by up to 50%.
Besides Citi, other big banks looking for crypto talents are JPMorgan Chase, BNY Mellon, Deutsche Bank, Wells Fargo, Goldman Sachs, Morgan Stanley, Money A single, UBS, Credit Rating Suisse and Barclays.
Citi Team does not currently offer specific digital asset services to its clients, despite rumors circulating in late August that it wanted to offer Bitcoin futures trading to Bitcoin futures institutional investors.
Some of Citi’s competitors among the top banks in the United States already offer a wide variety of digital asset-related services. JP Morgan offers access to six