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Seeking Alpha 2021-06-24 16:18:42

Citigroup launches Digital Asset Group, adding crypto to wealth management unit

Citigroup launches Digital Asset Group, adding crypto to wealth management unit

Citigroup (C) launches a new digital asset unit dedicated to cryptocurrency and blockchain solutions within its wealth management division, Citi Global Wealth Investments, The Block reports, citing a Citi memo.The move is the latest by a big Wall Street bank to give its wealthiest clients access to the crypto markets. In May, Goldman formed a crypto trading desk and in March, JPMorgan filed to offer a structured note that offers clients crypto exposure.Digital Asset Group will be led by Alex Kriete and Greg Girasole to develop products and "work in tandem with our functional partners and the broader capital markets and Citi Investment Management teams to develop a robust a scalable value proposition," according to the memo.Bitcoin is up 0.8% to ~$34K and C increases 1.5% ahead of the Fed's bank stress test results to be released after the close.Previously (May 7) Citigroup consider offering crypto services as clients show increasing interest.

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