Financial services giant Citigroup has reportedly developed a new mechanism that makes cryptocurrency investments less risky.
Citing sources familiar with the latest development, Business Insider reported that Citigroup has created a “Digital Asset Receipt” (DAR), which will offer institutional investors a direct way of making crypto investments without the need to own them.
Financial services giant Citigroup is looking for bitcoin professionals to beef up its anti-money laundering team.
According to LinkedIn job ads, the New York-based financial-services giant is looking for a vice president and senior vice president for its anti-money laundering division to explore risks associated with money laundering in bitcoin and other cryptocurrencies.
JP Morgan Chase, Bank of America, and Citigroup have placed a ban on cryptocurrency transactions via credit cards.
JP Morgan enacted the ban on Saturday, saying the bank doesn’t want the credit risk associated with the transactions. “At this time, we are not processing cryptocurrency purchases using credit cards due to the volatility and risk involved,” a JP Morgan Chase spokesperson said in a statement.
Citigroup Inc. CEO Michael Corbat said at a conference last week that it’s “only a matter of time” before sovereign nations transition to digital currencies.
Speaking at Bloomberg’s Year Ahead summit, Corbat said digital currency adoption will surge in the coming new year.
