American banking giant Citigroup has promoted Puneet Singhvi from head of blockchain and digital assets in the global markets division to lead its institutional clients group (ICG) in the space.
Starting his role on December 1, Singhvi will report to Emily Turner, the head of business development for ICG, and will “outline a distinct strategy on where and how ICG should pursue digital asset opportunities” according to a memo shared with The Block.
Shobhit Maini and Vasant Viswanathan will take up Singhvi’s previous role as co-head of the blockchain sector in the global markets divisions. The multinational will also hire up to 100 roles to built out its ICG digital asset division.
The news comes as institutional players start to warm up to crypto. In a sign of things to come, last year, JP Morgan created its own blockchain unit. Wells Fargo and Goldman Sachs are also reportedly looking to ramp up the number of their crypto employees.