Citigroup Launches Digital Assets Group Within Wealth Management
Tokenization Seen as Key Driver for Blockchain
Latest Wall Street Behemoth Enters Crypto Space
Citigroup has established a Digital Assets Group within its Wealth Management division, signaling the financial giant's growing involvement in the cryptocurrency and blockchain industry. According to a memo obtained by The Block, Citi has been planning its entry into the crypto space and has recently added two individuals to its digital-assets team.
The move aligns with Citi's objectives to develop digital asset solutions within its risk appetite and using a unified set of shared principles. The tokenization of financial and real-world assets is seen as a potential "killer use case" driving the adoption of blockchain technology.
Citigroup's entry into the crypto space comes amid growing institutional interest in digital assets. Other major financial institutions, such as JPMorgan Chase and Goldman Sachs, have also expanded their involvement in the industry in recent months.
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