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Cryptocurrency : Citibank creates special unit to offer bitcoin and cryptocurrency services

Key facts:

Although no details were given yet, NFTs, stablecoins and CBDC would also be included.

Bank executives say there is increasing interest from customers.

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

This new service will include, in addition to the main cryptocurrencies, non-fungible tokens (NFT) stablecoins and central bank digital currencies (CBDC). The criteria for choosing the clients who can access this service have not yet been reported.

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

The directors in charge will be Alex Kriete and Greg Girasole. They will be “responsible for promoting 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, CriptoNoticias had already reported that the Citibank I already had in study the possibility of offering services related to crypto assets. According to Itay Tuchman, the entity’s global director of foreign trade, this was mainly due to “customer requests”.

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

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