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Interest in cryptocurrencies has been evolving and not only for individuals but also for regular financial entities, therefore Citibank due to the interest that its clients have shown in crypto assets, the entity announced the launch of a service in digital assets and cryptocurrencies.
This is the Digital Assets Group that will work for some exclusive clients under the Wealth Management Division; and will be included in the service the most popular cryptocurrencies, non-fungible tokens (NFT), stablecoins and CBDCs, which are the digital currencies of central banks.
Citibank has not yet given many details about how they will work, so it is not very clear what type of clients will be able to access this service, but it is presumed that they are VIP clients as well as other entities financial institutions have done it.
Through a statement, the entity said that the new department will focus on the aspects of finance space on the blockchain, which is growing very fast.
Alex Kriete and Greg Girasole will be the new directors of this exclusive service department for crypto assets or digital money. Its mission to promote this service pa For Citibank to become a leading market partner in the digital assets space.
This financial institution had come up with the idea of entering the market for digital assets since May. digital currencies, especially due to an insistent request from customers.
And previously in March the Citibank group had published some challenges that according to them bitcoin should overcome to that it was massively adopted. and at the time he highlighted the “lack of protection” in digital assets as they are not issued by a central government. For the moment, Citibank stated that it was not even in a hurry to enter the cryptocurrency market and that they worried about being “out there” because they knew that cryptocurrencies were here to stay.
“This is not a space race” there is room for various banking entities if they want to venture, Itay Tuchman, senior executive of the financial entity, said a few months ago.
With regard to other financial entities, the most recent to enter the crypto-asset space was Wells Fargo, which announced in mid-May that it would give cryptocurrencies and clients that are in that financial market a chance, made it known Darren Cronk, president of the financial institution, who certified that this new strategy will be possible at the end of June and will be only for VIP clients.
