Citigroup plans massive expansion of crypto division for institutional clients with 100 new hires

American investment bank Citi has recently made a new hire to head the cryptocurrency division of its Institutional Clients Group (ICG). In addition, the multinational firm is recruiting 100 additional personnel for its digital assets division.

Citi to start offering cryptocurrency services

Citigroup, the world’s largest issuer of credit cards is planning to expand its cryptocurrency division with a recent hire, Puneet Singhvi to lead its digital asset team.

Singhvi was appointed to be the head of the cryptocurrency division of its ICG on November 22, while the firm continues to look out for 100 additional talent to join the company’s digital assets division.

Emily Turner, the head of business development at the ICG stated that the investment bank is exploring its options in providing cryptocurrency-related services to its clients. She stated that the firm is studying the digital asset markets, as well as the evolving regulatory landscape and associated risks on the new asset class.

Turner added that the multinational investment bank believes in the potential of blockchain and digital assets, including its “benefits of efficiency, instant processing, fractionalization, programmability and transparency.”

While Citigroup currently has not offered any cryptocurrency services for its clients, it was rumored that the bank was considering offering Bitcoin futures trading for institutional investors earlier this year.

In early November, the CEO of Citi, Vikram Pandit suggested that every major bank will consider offering cryptocurrency services within one to three years.

A few of Citi’s largest competitors, including JP Morgan, Bank of America and BNY Mellon have already begun offering a variety of cryptocurrency-based services. JP Morgan has provided its clients with access to six digital asset funds, while the Bank of America offers Bitcoin futures trading for certain clients.