Citigroup Plans To Hire 100 More People To Its Crypto Team

U.S. banking giant Citigroup has plans to expand its cryptocurrency division by adding 100 new people. Puneet Singhvi will be leading the team’s efforts.

According to a Bloomberg report, America’s third-largest banking institution, Citigroup, has plans to grow its digital asset team by appointing 100 new employees. The division will also have a new head, Puneet Singhvi, who will report to Emily Turner, the Head of Business Development at the bank.

Citi spokesperson commented:

“We are focused on assessing the needs of our clients in the digital asset space. 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.”

Singhvi’s team will provide expertise and outline a strategy for how the different businesses inside Citigroup’s institutional-clients group, which includes trading, securities services, investment banking and its treasury and trade solutions arm, will use blockchain and digital assets. 

Turner wrote in a memo to staff:

“We believe in the potential of blockchain and digital assets including the benefits of efficiency, instant processing, fractionalization, programmability and transparency. Puneet and team will focus on engaging with key internal and external stakeholders including clients, startups and regulators.”

Previously, Singhvi was head of blockchain and digital assets at Citigroup’s trading business, where he spearheaded many of the bank’s first steps in the space.

The banking giant joined the cryptocurrency bandwagon in May when it announced plans to release digital asset trading services for asset managers and family offices. Itay Tuchman – Citi’s Global Head of Foreign Exchange – noted that the move was dictated by the rapid increase in clients’ interest in the asset class.

A few months later, the financial institution started considering trading bitcoin futures on the Chicago Mercantile Exchange (CME). However, a Citi spokesperson said the initiative will be cautiously examined due to the regulatory requirements.