Citigroup’s veteran departs to pursue career in crypto: report

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As a seasoned researcher with a keen eye for trends and developments within the financial sector, I find Shobhit Maini’s decision to leave Citigroup and venture into the crypto space quite intriguing. Having spent over a decade at one of the world’s largest international banking giants, Maini has undoubtedly accumulated a wealth of knowledge and experience that will serve him well in his new entrepreneurial endeavor.

Shobhit Maini, who leads Citigroup’s digital assets division, has decided to depart from the bank in order to seize a business venture within the cryptocurrency sector.

According to Reuters, who cited an internal memo, it appears that Shobhit Maini, previously the global head of digital assets in Citigroup’s market division, has decided to pursue a new path in the cryptocurrency sector, leaving his position at the bank.

In simpler terms, we can say that Maini, who started working for the global banking titan Citigroup in 2010, has been spearheading their digital assets initiatives since 2021. As reported by Lee Smallwood, the head of markets innovation and investments at the bank, Maini is planning to explore an entrepreneurial venture in the digital asset sector. However, the specific company that Maini will be joining was not disclosed.

After Maini leaves, Deepak Mehra, who is presently in charge of strategic investments for Citigroup’s global markets, will take over as head of the digital assets department within the markets team, as indicated in the memo.

Citigroup explores blockchain and tokenization

Though Citigroup hasn’t dived into the cryptocurrency market itself, it has been actively investigating tokenization methods and blockchain technology. For instance, in 2023, Citigroup made a significant stride by becoming the initial digital custodian to participate in BondbloX Bond Exchange, a platform for bond trading that operates on blockchain. On this platform, Citigroup stored bonds as fractionalized assets.

Previously, Citigroup joined forces with Wellington Management and WisdomTree to showcase the potential of launching and maintaining tokenized private equity funds under a regulatory umbrella. This collaboration aimed to make sure that these digital assets could smoothly integrate with Citigroup’s current systems.

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2024-08-13 14:26