Citibank creates special unit to offer bitcoin and cryptocurrency services

Key facts:
  • Although no details were given yet, NFT, stablecoins and CBDC would also be included.

  • Bank executives say there is an increasing interest from customers.

Citibank announced that it will launch a digital asset and cryptocurrency service for some of its clients. It will be called Digital Assets Group and it will function under the orbit of the Wealth Management Division.

This new service will include, in addition to major cryptocurrencies, non-expendable tokens (NFT) stablecoins and central bank digital currencies (CBDC). It has not yet been reported what will be the criteria for choosing customers who can access this service.

According to an internal message whose content is released The Block and that was signed by Iain Armitage and Rob Jasminski, two directors of the entity in its market divisions and investments, the new unit will focus “on all aspects of the space of finance on the blockchain, which grows very fast.”

The directors in charge will be Alex Kriete and Greg Girasole. They will be “responsible for furthering Citi Global Wealth Investments’ efforts to become a leading market partner for our clients interested in the digital asset space,” the statement explains.

Citibank had already announced its interest in cryptocurrencies

In early May 2021, Crypto News had already reported that the Citibank i had already studied the possibility of offering services related to cryptoassets. According to Itay Tuchman, the entity’s global director of foreign trade, this was mainly due to”customer orders”.

On the other hand, the company that owns the bank, Citigroup, published in March an analysis of its experts detailing six challenges that bitcoin (BTC) must overcome to reach mass adoption. In this sense, they highlight the “inefficiency” of capital, lack of “protection” because it is not issued by a government and the “latent insecurity” in this market, among other points.

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