|Headquarters||New York City, NY|
|Key People||Michael L. Corbat, CEO|
|Products||Consumer, corporate and investment banking and finance, global asset management|
Citigroup Inc. is one of the world's largest banking companies. Because of losses suffered during the 2008 crisis in mortgage-related securities, Citigroup split into two businesses, Citicorp and Citi Holdings, in January of 2009. Citicorp focuses on traditional banking around the world, while Citi Holdings holds the company's riskier assets.
Citigroup and Cryptocurrency
In September 2018, Citigroup announced it had created a new form of cryptocurrency trading, which relies on a new form of equity dubbed "digital asset receipts (DARs)," which function similarly to an American depositary receipt. These DARs represent shares of a cryptocurrency, such as bitcoin, that investors can trade through broker-dealers without technically owning them. DARs are designed to enable cryptocurrency trading in a way that falls into existing regulatory frameworks.
In January 2019, Citigroup and Nasdaq led the series B round of investment for Symbiont. Other investors included Michael Novogratz's Galaxy Digital Holdings Ltd., as well as Raptor Group Holdings, an investment company backed by Jim Pallotta.
An advertisement was posted on LinkedIn for a project manager position related to digital asset and distributed ledger technology in March 2019. The job description included in the ad described multiple projects in the space currently being conducted by Citi.
- These are the 28 biggest banks in the world — each one with more than $1 trillion of assets. Business Insider.
- Citi to Reorganize into Two Operating Units to Maximize Value of Core Franchise. Citigroup.
- Citigroup's about-turn. The Economist.
- Unbreaking The Banks. Forbes.
- Citigroup has created a new, less risky way of investing in cryptocurrency — and it may be a game changer for the industry. Business Insider.
- Citigroup Planning Crypto Trading by Issuing Receipts. Bloomberg.
- Nasdaq, Citi Join Novogratz in Funding Blockchain Firm Symbiont. Bloomberg.
- A Citigroup job ad suggests blockchain initiatives are heating up at the bank. The Block.