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Maini was reported to have spent 14 years at Citigroup before stepping down from his role in the bank’s market division.
Shobhit Maini, who was in charge of digital assets at Citigroup, has left his job. Mani was reported to have resigned to pursue entrepreneurial opportunities in the crypto sector. This is a new chapter in Mani’s career that shows his interest in using blockchain technology.
Maini was reported to have spent 14 years at Citigroup before stepping down from his role in the bank’s market division. According to a memo released by Lee Smallwood, the head of markets innovation and investments at Citigroup, Maini is leaving the company to pursue projects in the digital asset space.
Following Maini’s resignation, Deepak Mehra, the current international lead for market strategic investments at Citigroup, will take over the leadership of the digital asset team. This will ensure a smooth transition and continued focus on adopting blockchain-based solutions.
Shobhit Maini’s departure to venture into an entrepreneurial project in crypto is not the first. A group of former Citigroup executives have also left the company to develop Bitcoin depositary receipts (BTC DRs), which aim to provide institutions with a means to access BTC securities without needing to rely on traditional ETFs.
For a long time, Citigroup has been seeking means to improve its operations using blockchain technology to provide transparency and make transactions instant. Maini played a key role in Citigroup’s blockchain projects during his time at the company. This includes using blockchain to create digital tokens for private investment funds.
In February, the bank reported a successful test that showed they could use blockchain to create tokens for a private equity fund, which is part of Citigroup’s goal to update how it operates and grow its business in digital assets. The test also involved Wellington Management and WisdomTree.
Citigroup’s blockchain projects have also included creating and piloting Citi Token Services in September, which lets customers turn their deposits into digital tokens for cross-border transactions.
Challenges and Controversies in Citigroup’s Crypto Ventures
Despite the effort Citigroup has made in its venture into blockchain technology, the bank has encountered challenges and criticism. In June, it was revealed that drug dealers used Citibank ATMs to launder money, taking advantage of weaknesses in the bank’s anti-money laundering policy. It was announced by the Drug Enforcement Administration (DEA) that a pair of California residents who were found to be associated with the Sinaloa drug cartel had deposited thousands of dollars using Citi ATMs without being stopped for money laundering.
However, Citigroup has stated that it has good systems to monitor and report any suspicious banking activity and fully cooperates with officials investigating these issues.
Citigroup faces its own leadership challenges as key members depart; however, these individuals are keen on building new solutions that reveal the potential of blockchain and digital assets, which could also prove useful for crypto adoption and creating practical solutions
