NEW YORK—Citigroup has become the latest institutional investor to get into the cryptocurrency and blockchain business with the launch of a new unit called the Digital Assets Group, which will come under its wealth management division.
According to an internal memo that was obtained and reported on Bloomberg News, the group will be co-led by Alex Kriete, senior vice president, investment counselor at Citi Private Bank, and senior vice president and portfolio manager Greg Girasole.
“They will be responsible for developing our future product capabilities, client delivery mechanisms and thought leadership around all digital assets,” the memo said. The memo added that Kriete and Girasole will develop 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.” They will also be liaisons to “all other business groups at Citi that are expanding into this rapidly emerging space.”