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, global head of digital assets in Citigroup’s market unit, has reportedly left the bank to focus on a career in the crypto industry, Reuters reports, citing an internal memo.

Maini, who joined the international banking giant, joined Citigroup in 2010, and led the bank’s digital assets efforts since 2021. Per Lee Smallwood, head of markets innovation and investments at the bank, Maini will “pursue an entrepreneurial opportunity in the digital asset space,” though the exact firm was not revealed.

Following Maini’s departure, Deepak Mehra, currently the international lead for Citi markets’ strategic investments, will assume leadership of the digital assets division within the markets unit, according to the memo.

Citigroup explores blockchain and tokenization

While Citigroup has not engaged directly in 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 stored the underlying bonds issued and traded on the exchange as fractionalized assets.

Earlier, Citigroup collaborated 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.