Citi joins the adoption efforts of other US banks and is looking for 100 employees for the digital assets department.
Citigroup Inc. appears keen to advance its crypto adoption endeavors. As recently as June this year, the multinational financial institution launched its digital assets division. Now it is planning to expand the area by hiring 100 new employees. As part of this initiative, Citi has named Puneet Singhvi as its new head of digital assets. This emerges from an insider report quoted by Bloomberg News.
Citi is by no means alone with its expansion plans into the world of cryptocurrencies. Other large US banks are also pushing ahead with their adaptation. Bank of America founded a research team for cryptocurrencies at the beginning of the year. For their part, JPMorgan and Goldman Sachs have started offering crypto futures trading.
We believe in the potential of blockchain and digital assets, including the benefits of efficiency, instant processing, fractionation, programmability, and transparency
said Emily Turner, who is responsible for corporate business development for the institutional investor group at Citi. Singhvi’s team will map out a strategy for how the various business areas within this group will converge and leverage blockchain and digital assets.
Not only Citi is desperately looking for crypto experts
In addition, there has been a general increase in crypto attitudes among financial service providers. According to LinkedIn data, hiring of crypto experts rose 40 percent in the first half of 2021 compared to the same period last year. US job postings for “crypto” and “blockchain” positions also rose 615 percent in August compared to the same period last year.