With more and more institutional figures entering the crypto market, the landscape is changing rapidly to accommodate these big players. Among numerous other institutional financial firms that have entered the crypto market, Citigroup will have a special place since they are already a big name in asset management. Banks and other traditional institutions have long been wary of cryptocurrency. Stepping into that arena meant losing customer trust and possibly high-profile clients. Those notions seem to be changing faster than ever. More and more institutional firms are now entering the crypto market with relative ease. These institutions got a push from the launch of Bitcoin-backed ETFs, which were the first officially regulated Bitcoin-backed investment instrument.
According to media house Bloomberg, Citigroup is planning to recruit fresh talent to their digital asset management sector to reap the complete benefits of the sector. However, this is not the first time that Citigroup is dabbling with digital assets. In June 2021, they opened a digital asset management arm to cater to those investors who were eager to invest in this upcoming big thing. The firm had also applied for Bitcoin-backed futures at the same time and is awaiting regulatory permissions now. With a new team focused on developing its digital asset management arm, Citigroup expects to be a big player in the digital assets sector. Citi’s newly appointed head of digital assets Puneet Singhvi believes that Citi has all it takes to become a key player in the cryptocurrency landscape