Citibank creates a new bitcoin division area to support companies that work with blockchain and cryptocurrencies. The new cryptocurrency and blockchain unit will go live on December 1.
According to Citigroup, Citibank is searching for 100 new employees for its new blockchain and digital assets division, which will be operating on December 1, the company that controls Citibank.
The corporation declared the initiative’s objective in the statement. The new task force will assist the bank’s business clients in entering or expanding their presence in the cryptocurrency market.
With that, Citigroup advises that before delivering any product or service, the company’s new region would extensively research the bitcoin and cryptocurrency industries.
It comprises an examination of both the markets and the regulatory structure and the risks connected with them.
“We are focusing on analyzing our clients’ demands in the realm of digital assets,” adds Citibank.
As a result, the new sector of cryptocurrencies and blockchain will react to the Citigroup group’s business development unit.
Banks are creating bitcoin divisions
With this effort, Citibank reaffirmed its commitment to the bitcoin business, which it had previously stated throughout the year.
The firm announced the launch of services that would provide specific clients with access to digital currencies and NFT in mid-2021.
Many financial institutions are interested in providing bitcoin and cryptocurrency-related services, thus creating bitcoin divisions for that matter.
The recent support given by banks in Colombia, Brazil, and the United States, where they seek or have already introduced financial services based on these assets, including trading, demonstrates this.
Citibank aims to assist its clients in entering or expanding into the bitcoin business.
A regulatory group in the United States recommends that banks offer services with cryptocurrencies.
Regulators claim otherwise they are missing an opportunity to strengthen themselves in an industry that will continue to grow without them, as non-bank institutions provide this access, such as exchanges.