The Citi Group officially announced the launch of the “Digital Asset Group” in its asset management department on Thursday.
This new division will be led by Alex Kriete and Greg Girasole from the Citi Global Wealth Investment (CGWI) division. With the founding of the Digital Assets Group, Citi is the newest bank to break into the encrypted asset management space.
According to the memorandum signed by Iain Armitage, head of global capital markets for Citi and global head of investment management for Citi Rob Jasminski, Kriete and Girasole‘s PhD will be responsible for leading the new department to digital assets such as cryptocurrencies, non-fungible tokens (NFT), and stablecoins. provide Central bank digital currencies (CBDC) the best market-leading partner for various assets.
Citigroup wrote in a signed memorandum:
“Given the exciting new developments we are seeing around cryptocurrencies, tokenization and other advances based on blockchain technology, we are excited to announce the formation of the Digital Assets Group.”
The group said it will advocate for the development of cryptocurrency and blockchain fields. In addition to Citibank, other well-known financial institutions such as Morgan Stanley and Goldman Sachs have launched their internal plans to fight for some action in the cryptocurrency market for their wealthy wealth management clients.
In early May, the Citi Group plans to get into the crypto space. The multinational investment bank appears to be in the early stages as it has not yet decided on certain crypto services that it would offer.
However, the bank is in talks to introduce trading, funding and custody of all crypto services.
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