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Citi Group’s Wealth Management Division Launches ‘Digital Assets Group’

Citi Group’s Wealth Management Division Launches ‘Digital Assets Group’

Digital Assets Group

According to an internal memo shared on Thursday, the wealth management division of the Citi Group has set up a “digital assets group”. This will help to extend access to cryptocurrencies to their clients.

Alex Kriete and Greg Girasole of the Citi Global Wealth Investment (CGWI) will lead this new division. “They will serve as liaisons to “all other business groups at Citi who are expanding into this rapidly emerging space also,” the memo says.

They will also oversee future product capabilities, client delivery mechanisms, and thought leadership around all digital assets for the Wall Street giant.

Forming The Digital Asset Group

The Digital Assets Group was formed due to the exciting new developments powered by blockchain technology. For example cryptocurrencies, tokenization, and other advances powered by this new wave of technology. This establishment will pave the way for Citi to set foot in the world of encrypted wealth management.

The memo also explains that Citigroup intends to assist clients in digital investing. They include cryptocurrencies, non-fungible tokens (NFTs), stablecoins, and central bank digital currencies (CBDCs).

Others Following The Suite

Remarkably, Morgan Stanley and Goldman Sachs have also launched their internal plans. They followed the suite to help their high-net-worth clients access the cryptocurrency market.

Citi Entering The Crypto Market

In May, Itay Tuchman, a bank executive, informed that the Citi Group is planning to enter the crypto market. The multinational investment bank appears to be in the early stages of its crypto venture, as it has yet to decide which crypto services it will provide.

However, the bank is in discussions about the rollout of all crypto services, including trading, financing, and custody.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.