Citigroup’s head of digital assets, Shubhte Maini, is leaving the bank to pursue an “entrepreneurial opportunity” in cryptocurrencies.
Shubhit Maini, global head of digital assets at Citigroup’s markets unit, has reportedly left the bank to focus on a career in the crypto industry, Reuters reported. Reportsciting an internal memo.
Maini, who joined the international banking giant in 2010, has led the bank’s digital assets efforts since 2021. According to Lee Smallwood, the bank’s head of markets innovation and investments, Maini will “pursue entrepreneurial opportunities in the digital assets space,” though the specific company was not disclosed.
Following Maini’s departure, Deepak Mehra, who currently leads Citi’s international strategic investments, will take over the digital assets division within the markets unit, according to the memo.
Citigroup Explores Blockchain and Tokenization
While Citigroup has not been directly involved in the cryptocurrency market, the bank has focused on exploring tokenization and blockchain solutions. For example, in 2023, Citigroup became the first participant in BondbloX, a blockchain-based bond trading platform. The bank stored the underlying bonds issued and traded on the exchange as fractionalized assets.
Previously, Citigroup partnered with Wellington Management and WisdomTree to demonstrate the feasibility of issuing and managing tokenized private equity funds within a regulated framework, ensuring these digital assets are compatible with the bank’s existing systems.