Citigroup to Launch Digital Assets Unit for Institutional Clients

The financial conglomerate Citigroup announced the launch of a cryptocurrency-focused division within its Institutional Client Group. It will be led by Puneet Singhvi, the former head of the blockchain and digital assets in Global Markets.

Total business for Citi’s Institutional Client Group (ICG) was $550B in 2020.

Puneet Singhvi will be tasked with hiring, prospecting and pursuing investments within the digital asset space.

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The unit will hire 100 specialists.

Singhvi’s team will provide expert knowledge and shape a strategy for the use of blockchain and digital assets across units focused on trading, securities services, investment banking, as well as treasury and trading solutions.  

“We believe in the potential of technology and digital assets. The new initiative continues our work in this space and aligns with our strategy to adopt new technologies”, according to an internal memo to staff.

Earlier reports indicated that Citigroup was preparing to enter the bitcoin futures market.

In June the financial conglomerate announced the creation of a group to work with digital currencies within Citi Global Wealth Investments’ asset-management division.

In May, Citigroup’s head of FX operations Itay Takman said that the bank are considering launching services for the trading and custody of cryptocurrencies.

Earlier the institution led an investment round for Amberdata. The firm provides data on blockchains, cryptocurrencies and the DeFi sector, which are used for research, trading, risk assessment, analytics, reporting and compliance.

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