Co-Head of Citi’s Digital Asset section – Alex Kriete – declared recently through LinkedIn to resign from the huge name in banking, following 11 years of working at the company. The executive noted in the post to be inclined towards dedicating all of his time to develop a unique crypto firm that, as per his intention, would have his complete devotion however no extra details were provided in this respect.
Kriete was the co-leader of the Digital Assets Group having Greg Girasole as the other partner for not more than a year after the launch of the unit in 2021’s June. Girasole additionally asserted through LinkedIn to leave the venue and, both the executives have a strategy to initiate their autonomous blockchain-related startup. The duo disclosed that further details will be provided by them in the next weeks.
The excitement of Kriete for the latest task is a result of his confidence in the digital assets’ future growth as, in his perception, they have a considerable significance across the worldwide capital markets. He considers that the digital assets would assist in the exclusive business models’ formation.
As per him, the individual craving for blockchain pushed the beginning of the digital asset approximately five years back, and currently, he is convinced to take part in the promising market’s maturation in line with his terms and conditions.
Although Girasole and Kriete watched over the group of digital assets under the wealth management section of Citi, there is another unit for digital assets within the bank under the Institutional Clients Group thereof that is driven on the behalf of the latest hired executive named Puneet Singhvi.
Not long ago, Matt Zhang (another executive from Citi), additionally stated to initiate Hivemind Capital Partners (a crypto fund with a valuation of $1.5 billion) having Algorand as its initial tech partner.
Several other banking professionals are also shifting towards crypto ventures. In a likewise corporate leadership step, a longtime executive of Goldman Sachs – Roger Barlet – claimed that the time was suitable to adopt a crypto-based economy. Therefore, he exited the bank and moved on to Coinbase to operate Global Financial Operations.
In the meantime, JPMorgan is considered to be another of the banks that have released a virtual lounge within the metaverse Decentraland as it expects to get benefit out of a market opportunity of up to $1 trillion, as per the bank.