Citigroup plans 100 hires to boost digital assets division

Citigroup is looking to enter the race toward crypto offerings by hiring 100 people for its blockchain and digital assets division, according to a Bloomberg report.

Fast facts

• The firm has appointed Puneet Singhvi as the head of digital assets for its institutional clients group (ICG), the report said. Singhvi used to head blockchain and digital assets for Citi’s Global Markets team before.

• In an emailed statement to Bloomberg, the firm said it is assessing client demand in the digital assets space, adding: “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.”

• Singhvi’s team will determine a strategy for how ICG’s different segments like trading, securities services, investment banking, treasury and trade solutions can integrate blockchain and digital assets.

• Citi’s hiring push comes amid major banking giants jumping on the crypto bandwagon. JPMorgan Chase and Goldman Sachs started offering crypto futures trading, while Bank of America created a crypto research group earlier this year.