A growing number of financial institutions are expanding their presence in the crypto and digital asset industry as institutional investors demand exposure to the emerging market.
Citigroup goes further in digital assets with the appointment of Puneet Singhvi
Citigroup, one of the leading financial institutions in the United States, has announced that Puneet Singhvi will be in charge of the digital assets division of its Institutional Clients Group (ICG). The appointment goes into effect on December 1 and signals the bank’s intention to expand its presence in the digital asset space.
The financial institution said it is preparing to hire an additional 100 people in its digital assets division as demand for the emerging market continues to increase. According to Emily Turner, head of business development at ICG, the bank is currently exploring the possibility of providing digital assets to its customers.
Turner said, “Before offering any products and services, we study these markets, as well as the changing regulatory landscape and associated risks, in order to meet our own regulatory frameworks and oversight expectations. “
Financial institutions open divisions of cryptocurrency assets
Citigroup is the latest financial institution to launch a division focused on cryptocurrencies and other digital assets. A few years ago, banks and other major financial institutions around the world were against cryptocurrencies, sometimes making it difficult for investors to buy cryptos with cash.
However, the trend has changed in recent years and more and more financial institutions are slowly adopting cryptocurrencies. JPMorgan, one of Bitcoin’s biggest critics, launched Onyx, a division focused on digital assets. The bank even went further by launching JPM Coin, its own digital currency.
In addition to JPMorgan, other leading financial institutions in the United States have entered the cryptocurrency space in recent months. New York Mellon and Northern Trust are working to offer custodial services to their clients, while the U.S. bank announced a few weeks ago that it would offer crypto custody services to fund managers.
Goldman Sachs and Morgan Stanley have also entered the digital asset space. The adoption of cryptocurrencies and other digital assets by major financial institutions will increase in the months and years to come as more retail and institutional investors seek exposure to the cryptocurrency market. .