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Citigroup to create 100 roles in digital asset push

Nov 23 (Reuters) – Citigroup (C.N) is wanting to create 100 roles targeted on digital property together with blockchain and digital currencies at its institutional division, the U.S. financial institution mentioned on Tuesday.

The intitiative is the most recent by conventional banks wanting to discover methods to faucet the rising cryptocurrency sector, which has been gaining mainstream enchantment in addition to regulatory scrutiny.

Puneet Singhvi, Citi’s head of blockchain and digital property at its world markets operation, will lead the brand new crew, Citi mentioned in a memo to workers. The notice was despatched to the media.

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The new crew will comprise a mixture of inner and exterior hires and be housed in Singapore, New York, London and Tel Aviv, a Citi spokesperson mentioned in an emailed response, including that the hiring is anticipated to end by the top of 2022.

“Prior to offering any products and services, we are studying these markets, as well as the evolving regulatory landscape and associated risks, in order to meet our own regulatory frameworks and supervisory expectations,” the spokesperson mentioned.

This 12 months Bank of America (BAC.N) began cryptocurrency analysis protection, Goldman Sachs (GS.N) launched a crypto-trading crew and JPMorgan Chase & Co (JPM.N) allowed wealth administration purchasers entry to cryptocurrency funds, despite the fact that Jamie Dimon, its head, has been a vocal critic of the sector.

In Asia, DBS Group (DBSM.SI) is increasing its cryptocurrency buying and selling platform.

Citi’s new crew will probably be concerned in product growth and challenge administration whereas outlining technique to pursue digital asset alternatives together with new merchandise, new purchasers and new investments.

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Reporting by Nikhil Kurian Nainan in Bengaluru
Editing by Anshuman Daga and David Goodman

People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. REUTERS/Robert Galbraith/File Photo

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