🌎 Citigroup’s Shobhit Maini Departs to Launch Crypto Venture

Citigroup’s Shobhit Maini Leaves to Pursue Crypto Venture

Shobhit Maini, the global head of digital assets at Citigroup’s market unit, has left the bank to explore an entrepreneurial opportunity in the crypto industry. Maini, who has been with Citigroup since 2010, has been leading the bank’s digital assets efforts since 2021.

According to an internal memo, Maini will pursue a new venture in the digital asset space, although details about the firm were not disclosed. Lee Smallwood, head of markets innovation and investments at Citigroup, announced Maini’s departure.

Leadership Transition

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

Citigroup’s Focus on Blockchain and Tokenization

Though Citigroup has not directly engaged in the cryptocurrency market, the bank has been actively exploring tokenization solutions and blockchain technology. In 2023, Citigroup became the first digital custodian participant in the BondbloX Bond Exchange, a blockchain-based bond trading platform, storing the underlying bonds issued and traded as fractionalized assets.

Earlier, Citigroup collaborated with Wellington Management and WisdomTree to showcase the feasibility of issuing and managing tokenized private equity funds within a regulated framework. This initiative ensured that these digital assets were compatible with the bank’s existing systems.