Citigroup, an American multinational investment bank, is now offering cryptocurrency services for its wealthy clients as the market is struggling not to get bogged down in a bearish trend, Bloomberg has learned. The new services will be led by Alex Kriete, Co-Head of Digital Assets at Citi, and Greg Girasole, Portfolio Manager at Citi.
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According to Iain Armitage, Citi's Global Head of Capital Markets, Kriete and Girasole will be responsible for developing the bank's future product capabilities, and client delivery mechanisms. The newly-formed group under Citigroup’s plan will help wealthy clients to invest in cryptocurrencies, stablecoins, non-fungible tokens (NFTs), and central bank digital currencies (CBDC).
Citigroup first announced about its crypto-related plans in May this year. The bank said it was exploring the possibility of launching not only cryptocurrency trading, but also custody of digital assets. According to Itay Tuchman, Global Head of Foreign Exchange at Citi, the bank had seen a "very rapid" accumulation of interest in bitcoin (EXANTE: Bitcoin) from large clients since August.
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