Citibank announces it will hire 100 employees to enter BTC headfirst
2 min read
Yet another major world bank announced that it will enter the cryptocurrency ecosystem “head-on”.
Citibank, one of the top US banks, has announced that it is looking to hire 100 people in its new blockchain, BTC and digital assets area. The new sector will be operational from December 1st.
The new cryptocurrency and blockchain area will respond to the Citigroup group’s business development unit in general.
The announcement was made by Citigroup, which is the business group that owns Citi bank. According to the statement, the objective of the initiative is to help the bank’s corporate clients to enter or grow in the cryptocurrency sector.
In other words, the bank suggested that, in addition to allowing investments in crypto-assets, it could also hold cryptocurrencies.
For that, Citigroup warns that, before offering any product or service, the new area of the company will study in depth the sector linked to cryptocurrencies. This includes analyzing the markets and regulatory framework and associated risks.
“We are focused on assessing the needs of our customers in the digital asset space,” said the bank.
Banks and BTC
Since 2017, the position of banks in relation to BTC and cryptocurrencies has been changing. More and more institutions are joining the cryptoactive market.
In the case of Citibank, as announced by the company itself, the hiring reinforces its commitment to the cryptocurrency industry, an intention that it had already expressed on several occasions throughout the year.
In fact, in mid-2021, the company announced the launch of services that give some customers access to digital currencies and NFT.
But the interest in offering services linked to cryptocurrencies emerged in several banking entities. Proof of this is the recent support of banks in Colombia, Brazil and the USA, which have already launched services with cryptoactives.
In fact, a regulatory group in the US recommends that banks offer cryptocurrency services.
As they highlighted, if they don’t, institutions will miss the opportunity to strengthen themselves in the sector that will continue to grow without them. After all, there are non-banking institutions that provide this access, such as exchanges.
