Citigroup’s veteran departs to pursue career in crypto: report

Citigroup’s Head of Digital Assets, Shobhit Maini, is leaving the bank to pursue an “entrepreneurial opportunity” in the crypto space.

Shobhit Maini, who served as global head of digital assets at Citigroup’s markets unit, reportedly left the bank to pursue a career in the cryptocurrency sector, according to a Reuters report based on an internal company memo.

Maini, who joins the international banking giant, joined Citigroup in 2010 and has led the bank’s digital assets efforts since 2021. According to Lee Smallwood, the bank’s head of market innovation and investments, Maini will “pursue an entrepreneurial opportunity in the digital asset space,” although the exact firm was not named.

Following Maini’s departure, Deepak Mehra, Citi markets’ international leader for strategic investments, will reportedly take over leadership of the digital assets division within the markets unit.

Citigroup explores blockchain and tokenization

While Citigroup has not directly entered the cryptocurrency market, the bank has focused on exploring tokenization solutions and blockchain technology. For example, in 2023, Citigroup became the first digital custodian participant in the BondbloX Bond Exchange, a blockchain-based bond trading platform. The bank stores the underlying bonds issued and traded on the exchange as fractional assets.

Citigroup has previously partnered with Wellington Management and WisdomTree to demonstrate the feasibility of issuing and managing tokenized private equity funds within a regulated framework, ensuring the digital assets are compatible with the bank’s existing systems.