Citi Director Leaves To Start Own Crypto Company

The former co-head of digital assets said he wanted to assist in the maturation of the crypto market via a new venture

article-image

Source: Shutterstock

share

key takeaways

  • Citi’s co-head of digital assets, Alex Kriete, said he was calling it quits at the bank to start up his own crypto venture
  • While details are scant, Kriete said more information is to come once his end of employment process is finalized

The co-head of Citi’s wealth management’s (Citi Global Wealth) digital asset group, Alex Kriete, announced Thursday his departure to start a new crypto venture.

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,” Kriete said. “I could not be more excited to assist in the maturation of this market.”

The former Citi employee also said he would be sharing more details on his new venture in the coming weeks following an end of employment process.

Prior to his work in digital assets, Kriete spent over three years as senior vice president and investment counselor at Citi Private Bank and has worked with the company for over a decade.

Kriete’s departure follows on from global co-head of structured products trading Matt Zhang calling it quits in October to start a $1.5 billion venture focused on investing in blockchain and the digital asset ecosystem.

Citi had been on a crypto hiring spree for most of last year in a bid to match efforts made by JPMorgan and Goldman Sachs. The company sought to fill more than 100 positions related to digital assets within the bank’s institutional client group.

The move is part of a larger trend of talent from traditional finance and Big Tech joining companies working in Web3, which refers to decentralized apps that run on a blockchain and allow anyone to participate without companies monetizing their personal data.

Venture capital continues to flow into the industry; the past two weeks alone has seen upwards of $2.34 billion in funding commitments.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png

Research

With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.

article-image

Launching cryptocurrencies the old fashioned way may soon make a return

article-image

Kraken and CertiK brought their beef to social media after Kraken said researchers exploited $3 million through a bug

article-image

NVIDIA’s historic run is only deepening the divide between mega-cap tech stocks and the rest of the market.

article-image

EIP-7702 was quickly adopted for the next Ethereum upgrade, but developers haven’t quite locked it down