Shobhit Maini, Citigroup's digital assets head for its markets unit, is leaving after a remarkable 14-year tenure. Bloomberg reported on Monday that Maini is leaving to explore new opportunities in the crypto industry.

According to his LinkedIn profile, he most recently led the digital assets team within the markets division. He had previously served as a director in the markets and securities services transformation unit.

New Horizons in Digital Assets

A memo from Citigroup's head of markets innovation, Lee Smallwood, revealed that Maini is moving on to 'an entrepreneurial opportunity in the digital asset space.'

This significant career shift underscores the growing allure of the crypto industry for seasoned financial professionals.

Citigroup has appointed Deepak Mehra, who oversees strategic investments for the markets division, to expand his responsibilities and lead the digital assets team.

This move highlights Citigroup's commitment to maintaining its position in the rapidly evolving digital assets landscape.

'Digital assets in the future won't involve completely replacing traditional financial systems,' Maini has previously stated. Instead, they will involve developing parallel infrastructures that coexist.

He also highlighted that achieving interoperability among blockchain-based systems is a critical challenge driving the industry.

Citigroup's Digital Innovations

Citigroup is actively involved in several digital money and tokenization initiatives. Last year, it became the first digital custodian participant in the BondbloX Bond Exchange (BBX).

Launched in 2020, BBX is the world's first fractional bond exchange designed to simplify bond investing.

Additionally, the bank introduced a new token service, aiming to leverage distributed ledger technology to enhance product offerings.

The Citi Token Services, designed for institutional clients, transform customer deposits into digital tokens that can be instantly transferred globally. This initiative underscores Citigroup's commitment to staying at the forefront of digital asset innovation.