Citi Launches ‘Digital Assets Group’ Within Wealth Management Division

Citigroup’s wealth management division has formed a Digital Assets Group, according to an internal memo shared with CoinDesk.

“Focusing on all aspects of this fast-growing space of blockchain enabled finance,” the unit will be helmed by Alex Kriete and Greg Girasole of the bank’s Citi Global Wealth Investments (CGWI) arm. The Block first reported the news.

Girasole’s LinkedIn profile describes him as a “Blockchain enthusiast and Crypto Asset investor” with a certificate from 2018 to prove it.

“Alex and Greg will be responsible for advancing the efforts of CGWI to become a market leading partner for our clients interested in all aspects of the digital asset space" such as cryptocurrencies, non-fungible tokens (NFT), stablecoins and central bank digital currencies (CBDC), according to the memo signed by Citi’s Iain Armitage, global head of capital markets, and Rob Jasminski, global head, Citi Investment Management.

In a May interview with the Financial Times, Citi’s global head of foreign exchange, Itay Tuchman, said the bank had seen a “very rapid” uptick in client interest in bitcoin since last August.

According to Thursday’s memo, the CGWI Digital Assets Group will liaise with “other business groups at Citi [that] are expanding into this rapidly emerging space also.”

Danny Nelson contributed reporting.