Citigroup Appoints Head of Digital Assets Amid Crypto Hiring Boom

American multinational investment bank Citigroup announced that it has appointed Puneet Singhvi to lead the digital asset department of its Institutional Clients Group (ICG) from December 1.

In addition to the Nov. 22 appointment of Singhvi, Citi will also hire 100 more people for its digital assets division. The move shows that the financial conglomerate is making a concerted effort to strengthen its understanding of digital assets. Singhvi was previously head of blockchain and digital assets at Citi's trading business

Citigroup is the world's largest credit card issuer, and its ICG serves businesses, financial institutions and governments around the world.

Emily Turner, head of business development at ICG, said in an emailed statement that Citi was exploring options for servicing clients with digital assets.

"We are researching these markets, as well as the evolving regulatory environment and associated risks, to meet our own regulatory framework and regulatory expectations before offering any products and services."

Turner continued: “We believe in the potential of blockchain and digital assets, including the benefits of efficiency, instant processing, programmability and transparency.”

Citi isn’t the only major U.S. bank hiring crypto talent, with Bank of America hiring a Ripple (XRP) specialist in October. In addition, Yahoo News reported on November 6 that the number of encryption talent recruitment by financial institutions increased by 40% in the first half of 2021, and they are attracting these new technology talents by increasing salaries by up to 50%.

Besides Citi, other major banks seeking crypto talent include JPMorgan Chase, BNY Mellon, Deutsche Bank, Wells Fargo, Goldman Sachs, Morgan Stanley, Capital One, UBS, Credit Suisse and the UK’s Barclays.

Citigroup does not currently offer any dedicated digital asset services to clients, although rumors surfaced in late August that Citigroup was considering offering bitcoin futures trading to institutional investors.

Some of Citi's rivals among the top U.S. banks already offer various services related to digital assets. JPMorgan offers six different crypto funds, while Bank of America currently offers bitcoin futures trading to certain clients and operates a crypto research team.

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