Citigroup ventures into the crypto market! Announces establishment of digital asset department to provide clients with cryptocurrency investment services.

The global financial giant Citigroup has announced the official establishment of a new department dedicated to cryptocurrency and blockchain business.

Citigroup Ventures into Cryptocurrency Market

According to a report by The Block, Citigroup has established a Digital Assets Group led by two senior executives well-versed in cryptocurrency and blockchain technology, Alex Kriete and Greg Girasole. Additionally, this division will be integrated into Citigroup's global wealth management business. In a press release, Citigroup stated:

"Given the exciting new developments we see in cryptocurrencies, asset tokenization, and other applications driven by blockchain technology, we are pleased to announce the establishment of the Digital Assets Group."

The Block did not specify in the report what specific services the Digital Assets Group will provide to clients. However, Itay Tuchman, Citigroup's global head of foreign exchange, revealed in an interview with the Financial Times in May this year that Citigroup is considering launching cryptocurrency-related services, stating:

"Trading, custody, and financing services are all under consideration."

After 2021, an increasing number of major financial giants are extending their reach into the cryptocurrency market. In March this year, Morgan Stanley announced the launch of three Bitcoin funds for its high-net-worth clients, with a fourth awaiting approval from the U.S. Securities and Exchange Commission. Goldman Sachs announced the introduction of Bitcoin non-deliverable forward contracts (NDFs) in May, while JPMorgan was rumored in April this year to be launching a Bitcoin fund for high-net-worth clients.