Citigroup Digital Assets Group

History

2021: Citigroup has created a cryptocurrency department

At the end of June 2021, the financial giant Citigroup officially launched a new business division focused on the field of digital assets and blockchain, reports The Block.

The company announced the creation of a new group called Digital Assets Group, which, according to the memorandum, will be part of the asset management division of Citi Global Wealth Investments. The team will work with other Citigroup units and its official partners.

Citigroup has formed a cryptocurrency department

In May 2021, the head of Citigroup's global currency department, Itay Tuchman, reported that the company was considering launching cryptocurrency services amid growing customer interest. Tuckman stressed that he will offer such a service when he is convinced of its safety, and will also receive support from regulators. Apparently, this moment has come.

In the field of cryptocurrencies, tokenization and other achievements based on blockchain technology, more and more exciting new developments are emerging, so we are unusually happy to announce the creation of the Digital Assets Group, the memorandum says.

According to the memorandum, the new business unit will be headed by Alex Kriete and Greg Girasole. According to the memorandum, Kriete and Jirasol will work to develop new products and "work in tandem with our functional partners and the larger business units of Capital Markets and Citi Investment Management to develop a reliable and scalable value proposition."

It is noteworthy that Morgan Stanley and Goldman Sachs have launched their own internal initiatives to help their customers gain access to the cryptocurrency market. For example, Goldman Sachs has entered into a partnership with Galaxy Digital to more actively trade Bitcoin futures.^[1]

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