Citigroup to boost its crypto division with 100 new staff

What

Citigroup is on the lookout for 100 more staff for their new crypto team

Why

The investment banking company say they believe in the potential of blockchain and digital assets

What next

Citigroup has named Puneet Singhvi as head of digital assets for its institutional clients group starting December 1

The Story

Investment banking company Citigroup is set to bolster its blockchain and digital assets division with 100 new staff. The global banking giant has also named Puneet Singhvi their new head of digital assets for the institutional clients group (ICG).

Emily Turner, who oversees business development for the broader group said Citi believes in the potential of blockchain and digitising assets, “including the benefits of efficiency, instant processing, fractionalisation, programmability and transparency.”

In an emailed statement, Citigroup announced:

“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.”

The most high profile of the 100 new hirings is Puneet Singhvi, who was most recently the head of blockchain and digital assets for Citi’s Global Markets team. 

On Sunghvi’s appointment, Turner explained: “Puneet and team will focus on engaging with key internal and external stakeholders including clients, startups and regulators.” 

Sunghvi and co will provide expertise and strategy for how Citi businesses, which covers trading, securities, services, investment banking and treasury solutions, will use blockchain and digital assets.