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Citi co-head of digital assets breaking ties: going to start a new crypto sector company

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ex-Citi director 
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Alex Kriete, Citi’s co-head of digital assets, is departing the firm after less than a year in the position.

Kriete had been with Citi for over 11 years and was hired to run its newly established crypto branch in June last year, first as co-head of digital assets with Greg Girasole. Kriete was appointed director in January.

However, in a LinkedIn post on March 10, Kriete stated that he would be leaving Citi to start a new company in the cryptocurrency sector. Bloomberg was the first to break the story.

Citi and Kriete were approached for comment but did not answer in time for publication.

Citi stepped into the crypto business

Citi formed its own crypto business last year, following in the footsteps of rivals Morgan Stanley and Goldman Sachs, both of which have launched products to assist rich customers in accessing the cryptocurrency market.

Citigroup Inc., also known as Citi (stylized as Citi), is a worldwide investment bank and financial services business based in New York City. In 1998, Citicorp merged with financial conglomerate Travelers Group to get established just for Travelers to later split off from the company in 2002. Citigroup owns Citicorp, Citibank’s holding company, as well as other overseas subsidiaries. Citigroup is a Delaware corporation.

ALSO READ – Crypto startup to be launched by ex-Citi director 

3rd largest banking organization in the U.S

Citigroup, along with JPMorgan Chase, is the third-largest banking organization in the United States.

It is one of the Big Four financial organizations in the United States, along with Bank of America and Wells Fargo. The Financial Stability Board(FSB) considers it a systemically significant bank, and it is referred to as “too large to fail,” also, one of the Bulge Bracket’s nine global investment banks.

As of 2021, Citigroup is placed 33rd on the Fortune 500. Citigroup has more than 200 million client accounts and operates in over 160 countries. It employs 204,000 people, down from 357,000 before the financial crisis of 2007–2008, when it was bailed out by a major stimulus package from the United States government.

It is one of the major securities services providers in 2020, with over $23.6 trillion in assets under custody (AUC)

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