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.