Citigroup establishes Digital Assets Group to provide customers with access to cryptocurrencies – News Bitcoin News

Citigroup has reportedly created a “digital assets group” to provide customers with access to cryptocurrencies, which will operate within the bank’s wealth management division.

  • Citigroup has set up a “Digital Assets Group” within its asset management unit, according to a memo to Bloomberg employees.
  • Iain Armitage, global head of capital markets at Citi Private Bank, and Rob Jasminski, who oversees the bank’s investment management arm worldwide, said in the memo that the new Digital Assets Group will be led by Alex Kriete and Greg Girasole, according to the release . You will act as a liaison with “all of the other business groups at Citi that are also expanding into this fast-growing area,” the memo says. In addition:

You will be responsible for developing our future product capabilities, customer delivery mechanisms and thought leadership around all digital assets.

  • The memo goes on to explain that Citigroup plans to help customers invest in cryptocurrencies, stablecoins, non-fungible tokens (NFTs) and central bank digital currencies (CBDCs).

  • In May, the Financial Times reported that Citigroup was considering launching crypto services after a “very rapid” interest in Bitcoin grew among a wide range of customers, including large asset managers.
  • In March, the company said Bitcoin was at a tipping point and could become the currency of choice for international trade.
  • At the end of May, Citigroup CEO Jane Fraser gave her testimony on cryptocurrency to the Senate Banking Committee. She stated that Citigroup is taking a “moderate approach” to cryptocurrency as the bank seeks to “understand the changes in digital assets and the use of distributed ledger technology, including demand and interest of our customers, regulatory developments and technological advances ”.

What do you think of Citigroup providing access to cryptocurrencies? Let us know in the comment section below.

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