US bank Citigroup has just announced it has created a new unit to offer crypto-related services to its wealthy clients, The Block reports.
Per the announcement made by the bank yesterday morning, the Digital Assets Group unit, which will be led by Alex Kriete and Greg Girasole, will be part of the company’s wealth management division and will be focused on offering cryptocurrency services to wealthy clients.
The memo shared by the bank states:
“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.”
As a result of Citigroup’s decision to create a crypto service unit, the bank has just become the latest banking institution to start offering such services to its clients. Morgan Stanley and Goldman Sachs already have their own crypto divisions.