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The latest juggernaut to enter the crypto space amid continued institutional interest is Citigroup, which has officially launched a new business unit dedicated to the cryptocurrency and blockchain space, according to a rating obtained by The Block.
See: As Cryptos Crash, Twitter Drowns In Memes Find: If You Invested $ 1,000 In These Cryptocurrencies A Year Ago, Here’s How Much You Have Now
The new unit, the Digital Assets Group, will be part of Citi Global Wealth Investments, its wealth management division, according to The Block.
Given the exciting new developments we are seeing around cryptocurrencies, tokenization and other advancements fueled by blockchain technology, we are pleased to announce the formation of the Digital Assets Group, according to the memo, according to The Block. The new group will be led by Alex Kriete and Greg Girasole.
Morgan Stanley was the first U.S. bank to offer bitcoin to its wealthiest customers in March.
The funds the bank will offer include two from Galaxy Digital, a crypto firm founded by Mike Novogratz, while the third is a joint effort by asset manager FS Investments and Bitcoin firm NYDIG.
Galaxy is thrilled to partner with Morgan Stanley, the first U.S. bank to offer Wealth Management clients access to bitcoin funds, Novogratz tweeted at the time.
Meanwhile, NYDIG tweeted, NYDIG is proud to partner with Morgan Stanley, the first U.S. bank to offer #Bitcoin access to its wealth management clients.
See: Bank Bets Big on Crypto, Supports Lending With Ethereum: Bitcoin Will Always Be Gold, Ethereum Will Always Be Money Find: State of Crypto: Whats Driven Its Meteoric Rise and Whos Really Investing in Crypto Now
This move was quickly followed by Goldman Sachs, which officially launched its crypto trading in May, with the formation of a cryptocurrency trading team and the execution of two Bitcoin-related derivatives. And just earlier this month, the investment bank announced it had expanded to Ether, according to a spokesperson.
The story continues
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This article originally appeared on GOBankingRates.com: Citibank Enters Crypto Space and Launches Digital Asset Unit
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