Citigroup launches a digital asset unit within its wealth management division

Wall Street giant Citigroup has officially launched a new business unit dedicated to the cryptocurrency and blockchain space, according to a memo obtained by The Block. 

The firm announced Thursday morning the new group, dubbed Digital Assets Group, which will sit within its wealth management division, Citi Global Wealth Investments, according to the memo. 

"Given the exciting new developments we are seeing around cryptocurrencies, tokenization, and other advances powered by blockchain technology, we are pleased to announce the formation of the Digital Assets Group," the memo said. 

According to the memo, the unit will be led by Alex Kriete and Greg Girasole. The move by Citi makes it the latest bank to break into crypto wealth management.

Notably, Morgan Stanley and Goldman Sachs have launched their own internal initiatives to help their rich wealth management clients access the crypto market. 

According to the memo, Kriete and Girsole will work on developing products and "work in tandem with our functional partners and the broader Capital Markets and Citi Investment Management teams to develop a robust and scalable value proposition."

In May, Itay Tuchman, an executive at the bank, told the Financial Times it was exploring entering the market, but at the time had "not yet decided whether it would offer its clients cryptocurrency-related services."

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About Author

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].