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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