Alex Kriete, Citi Director Resigns to Launch His Own Crypto Company

Alex Kriete, Citi’s co-head of digital assets, announced his departure from the bank to launch his own cryptocurrency startup. While information are limited, Kriete stated that further information will be provided after the procedure for his resignation was completed.

Alex Kriete, the co-head of digital assets at banking giant Citi, announced his resignation on Thursday to launch a new cryptocurrency company.

Kriete, who spent less than 12 months in his crypto role, but 11 years at Citi overall, made the announcement via his LinkedIn page, stating he has decided to take on a new professional “challenge.”

“Unsurprisingly to those who know me, I believe digital assets will continue to grow in importance to global capital markets and the formation of new business models. I could not be more excited to assist in the maturation of this market.”

Following the conclusion of the employment process, the former Citi employee stated that he will provide more information about his new endeavor in the coming weeks.

Prior to his involvement in digital assets, Kriete worked for Citi Private Bank for over a decade as a senior vice president and investment consultant.

Kriete’s departure follows that of Matt Zhang, global co-head of structured products trading, who left in October to launch a $1.5 billion business focused on investing in the blockchain and digital asset ecosystem.

Citi has been on a crypto recruiting spree for the whole of last year in an attempt to match the efforts of JP Morgan and Goldman Sachs. Within the bank’s institutional customer business, the corporation wanted to fill more than 100 roles relating to digital assets.

The move is part of a bigger trend of talent from traditional banking and Big Tech joining Web3 firms, which refers to decentralized apps that operate on a blockchain and allow anybody to engage without companies exploiting their personal data.

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