Citi Hires DeFi and Stablecoin Risk Managers, Steadily Advances Crypto Plans

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Odaily Translator | Nian Yin Si Tang

Summary:

Summary:

- Citigroup is hiring a digital asset risk manager focused on cryptocurrencies, stablecoins and DeFi.

- It's part of a broader move by Citigroup to hire up to 100 people to create a digital assets unit within its Institutional Client Group.According to the website of banking giant CitigroupJob Offers

, the firm is hiring a digital asset risk manager with a focus on cryptocurrencies, stablecoins and DeFi.

While this is just one of the firm’s many open roles focused on digital assets, Citi is one of the first major banks to target the DeFi space.According to the recruitment information published on the website, Citi is currently recruiting two digital asset risk managers at the director level. one willfocus onDeFi, stablecoins and cryptocurrencies, while another willfocus on

CBDC, digital securities and enterprise blockchains.

According to the announcement, the duties of the two risk managers will include developing a "strong, risk-sensitive and unified risk management perspective and response" to initiatives, pilots, proofs-of-concepts and strategic partnerships.

In a recovering cryptocurrency market, DeFi may offer better yield options than traditional markets, Chitra said. But he added that any bank wishing to offer DeFi exposure would likely have to go through regulated channels, such as Aave Arc, with proper know-your-customer.

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Citi’s major crypto hiring drive

Citigroup's Institutional Client Group (ICG) digital asset unit is also hiring for a number of product roles, as well as a platform lead position. There are also roles for digital assets in the treasury trading solutions and custody technology teams.The flurry of job ads is part of the company's broader search for new crypto talent. In November 2021, according to sources familiar with Citi's plans,Citi is hiring 100 employees

, to strengthen its blockchain and digital assets division. Citi will also appoint Puneet Singhvi as head of digital assets at Citi ICG effective Dec. 1, according to a company memo. Singhvi was most recently Head of Blockchain and Digital Assets in Citi's Global Markets team. In an emailed statement, Citi said: “We are focused on assessing our clients’ needs in the digital asset space. Before offering any products and services, we are researching these markets, as well as the changing regulatory environment and associated risks, to meet our own regulatory framework and regulatory expectations.”

"When the market falls, the participants in the market will get the most benefits." The founder of a mainstream DeFi protocol said, "So they (Citigroup) may think that this is a good time to start hiring."

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Giants competition

Citi isn’t the only big investment bank ramping up its cryptocurrency hiring efforts during the bear market.For example, Morgan Stanley on August 1Post recruitment information

, showing it is hiring a product development manager for its investment solutions product development team, which supports its more than $900 billion in assets. The job posting shows that the new product development manager will be primarily focused on building a broad range of new crypto products across business lines, and that the product manager will be primarily responsible for creating packaged products and indices.

However, Bitwise CEO Hunter Horsley cautioned observers not to get too enthusiastic about such recent hires. "Hiring a mid-level person to do a job like this doesn't guarantee a product will hit the market," he said.Bank of America has also recently。

Launched a new market team dedicated to cryptocurrenciesIn addition, in February this year, JPMorgan Chase announced thatOpen a virtual space Onyx Lounge in Decentraland