Citigroup is planning to create 100 roles centred round blockchain and digital currencies, because the financial institution seems to be to faucet into the rising demand for digital property.
That is in line with inner paperwork seen by Reuters, with a employees memo saying that the newly created positions, primarily based in London, Singapore, New York, and Tel Aviv, can be led by Citi’s head of blockchain and digital property Puneet Singhvi, who in flip will report back to enterprise growth head Emily Turner.
The workforce will give attention to outlining methods to pursue digital asset alternatives, resembling new merchandise, shoppers, and investments, in addition to growing and managing these merchandise, with the roles anticipated to be stuffed by the top of subsequent 12 months.
Nonetheless, the corporate will first analysis the digital property market, in addition to its rules and dangers, earlier than “providing any services”, a spokesperson instructed Reuters. That is to satisfy Citigroup’s regulatory frameworks and supervisory expectations. A Citi spokesperson confirmed the information to IT Professional.
Citigroup’s digital asset division, which supplies its prospects with entry to cryptocurrencies, was launched in late June, with the financial institution formally submitting to commerce Bitcoin futures in August.
The choice to faucet into the digital currencies market, a uncommon transfer amongst conventional banking establishments, was motivated by the rising demand and curiosity in cryptocurrencies:
“Our shoppers are more and more on this house, and we’re monitoring these developments,” the corporate said on the time.
The final 12 months has additionally seen Goldman Sachs launch a crypto-trading workforce, whereas JPMorgan Chase made it attainable for its wealth administration prospects to entry cryptocurrency funds, regardless of CEO Jamie Dimon describing Bitcoin as “ineffective”.
HSBC, alternatively, mentioned that it wouldn’t be offering Bitcoin as an asset class anytime soon, whereas NatWest non-executive director and board member Morten Friis was quoted as saying that the financial institution would refuse business customers who accept virtual currencies as payment. The banks’ lukewarm strategy to digital currencies may be attributed to the need to conduct extra monetary crime checks, as cryptocurrencies have been repeatedly linked to money laundering and black market dealings.
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