Crypto is staying! Wall Street bank Citigroup announces it will hire 100 additional staffers to expand Citi’s blockchain and cryptocurrency department.
Citi plans to invest in cryptocurrency trading services, focusing on investment and commercial institutions. Citi plans to recruit more talents in the next few months, mainly in the corporate division. Additionally, Citi has appointed Puneet Singhvi as head of digital assets for its institutional clients group.
Citi stated in a statement: “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.”
Citi will assist clients in the use of blockchain and crypto in asset trading, securities, investment, private banking, financial and trade solutions.
This August, Citi stated it is considering opening up clients to buy and sell bitcoin (BTC) futures contracts. The bitcoin futures contracts are issued by the Chicago Mercantile Exchange (CME). In September, Citi announced its investment in crypto data analytics company Amberdata.
Wall Street, TradFi Accepting Crypto: Citi, Goldman Sachs... HSBC?
Major Wall Street banks are embracing cryptocurrency. JPMorgan and Goldman Sachs are now offering crypto futures trading service to clients. Additionally, financial and payments giants including Visa, Mastercard, and Square are expanding their crypto trading business.
Among other major Wall Street giants, Citi has been aggressively embracing cryptocurrency. According to former Citigroup CEO Vikram Pandit, every major financial institution will actively consider trading crypto in a few years.
Lately, Goldman Sachs hired Facebook crypto expert Lee Brenner as its head of public policy for digital assets. He is leading Goldman’s crypto business plan, facing the U.S. government and regulators.
Even HSBC, the largest bank in Hong Kong, has announced its first investment in the crypto field. HSBC has invested in ConsenSys, the developer of the most popular Ethereum wallet MetaMask.
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