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

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.