Citi’s Head Of Currency Is Switching To Position In Digital Assets

Itay Tuchman, Citi’s longtime worldwide head of foreign currency, has departed the company after more than two decades.

The institution’s top executive was one of the main architects of a drive into digital assets, and although his future plans are not yet known, a person with direct knowledge of the situation informed CoinCu that he is tipped for a position in the field.

Since the beginning of the year, Stuart Staley and Tuchman had shared leadership of the FX division; with Tuchman’s departure, Staley will now be the only one in that position.

Staley has led APAC markets and securities services for more than four years. He is a Citi veteran with more than 18 years of experience. He had previously worked for Enron, a Texas-based provider of energy services.

Tuchman is one of numerous senior executives who have left the bank in quest of new positions in the world of digital assets. According to reports from April, during the past year, no fewer than 15 of Citi’s best performers have left the American bank for a location that focuses on digital assets. Top positions at organizations like Copper, CoinFund, Paxos, Genesis, the Provenance Blockchain Foundation, and yet-unnamed projects are among their new residences.

The action follows hints that Citi is prepared to expedite its crypto aspirations

Only in May of last year did it make a hint that it would consider providing crypto custody and trading in response to a “very rapid” buildup of interest in bitcoin from significant clients.

Additionally, Citi’s internal cryptocurrency section inside its wealth management division was launched in June 2021. The bank has stated that it will hire up to 100 additional employees to work in its digital asset business for its institutional client group.

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