US multinational investment bank Citi announced that it has appointed Bonita Singhvi as Head of Digital Asset for its Institutional Client Group (ICG) effective December 1.
In addition to Singhvi’s appointment on November 22, Citi is hiring an additional 100 employees for its digital assets division. The move indicates a joint effort to improve the financial group’s understanding of digital assets. Singhvi previously led blockchain and digital assets in Citi’s businesses.
The Citi Group is the world’s largest credit card issuer, and the ICG serves businesses, financial institutions and governments around the world.
An email from Emily Turner, head of business development at ICG, indicated that the bank is exploring the possibility of offering digital asset services to its clients.
“Before offering any products or services, we study these markets, the changing regulatory environment and associated risks to meet our own regulatory frameworks and expectations.”
Turner continued, “We believe in the potential of blockchain and digital assets, including the benefits of efficiency, real-time processing, hashing, programmability, and transparency.”
On this topic: Bank of America identifies 20 well-known American cryptocurrency companies.
Citi is not the only major US bank using cryptocurrencies, as Bank of America was looking for a Ripple (XRP) specialist in October. In addition, on November 6, Yahoo News reported that financial institutions increased their crypto employment by 40% in the first half of 2021 and are attracting these online talent by increasing their payment packages by up to 50%.
Besides Citi, other major banks looking for cryptocurrency include JPMorgan Chase, BNY Mellon, Deutsche Bank, Wells Fargo, Goldman Sachs, Morgan Stanley, Capital One, UBS, Credit Suisse, and Barclays.
Citi Group does not currently offer any specialized digital asset services to its clients, despite rumors circulating in late August that they were considering offering Bitcoin futures trading to institutional investors.
Many of Citi’s competitors among the top US banks already offer a variety of digital asset services. JP Morgan provides access to six different crypto funds, while Bank of America currently offers bitcoin futures trading to select clients and leads a crypto research team.