Citigroup launches digital asset unit to offer crypto services for wealthy clients – FXStreet

  • Wall Street firm Citigroup is the latest institution to offer crypto services for its rich clients.
  • The global bank launched a new business unit dedicated to the new asset class and the blockchain space.
  • The unit will be part of its wealth management division at the bank.

Citigroup has officially launched a new crypto and blockchain-based business unit, called the Digital Assets Group, marking the latest large financial institution to break into the cryptocurrency industry. 

Another major financial institution steps into the industry

Last month, Citigroup executive Itay Tuchman said that the firm was exploring entering the market. However, it had not been decided at the time whether the firm would offer its clients cryptocurrency-related services. 

The Wall Street giant announced that the new Digital Assets Group would be a part of its wealth management division, Citi Global Wealth Investments. The memo reads:

“Given the exciting new developments we are seeing around cryptocurrencies, tokenization, and other advances powered by blockchain technology, we are pleased to announce the formation of the Digital Assets Group.”

The unit will be led by Alex Kriete and Greg Girasole, who will work on developing products and work in tandem with the firm’s functional partners and the broader capital markets and investment management teams to “develop a robust and scalable value proposition.” The memo further stated:

“Alex and Greg will be responsible for advancing the efforts of CGWI to become a market leading partner for our clients interested in all aspects of the digital asset space.”

These aspects include cryptocurrencies, non-fungible tokens, stablecoins and cryptocurrencies, according to the memo. 

This announcement comes at a time after Morgan Stanley and Goldman Sachs have launched their own initiatives to offer crypto-related services to their wealthy clients.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.