Citi’s Venture into Cryptocurrency and the Metaverse: A Video Presentation

We are broadcasting live from the Coin Desk podcast studio presented by Bito, which was founded in 2013 and has the first institutional grade Bitcoin wallet. BitGo is known for its custody staking and settlement services, setting the gold standard in the industry. Bito supports over 800 coins and processes 20% of all Bitcoin transactions by value. Learn more at BitGo.com. Consensus is an exciting event where we bring together people from different backgrounds who are working on various projects in the crypto space. Today, we are pleased to welcome Ryan Ru, the head of digital assets at Citibank, to the show.

Citibank has been exploring the idea of entering the metaverse, experimenting with creating a digital lobby for client interactions. While there is interest from clients in exploring metaverse experiences, Citibank acknowledges that there are still technological challenges to overcome before fully integrating the metaverse into financial services. Despite the interest and excitement from clients who have tried out the metaverse simulation, Citibank remains cautious about implementing it on a larger scale due to the need for a more mature technology infrastructure.

When it comes to mainstream adoption, having big names like Citibank involved in real-world activations can help introduce people to new technologies and concepts. Citibank’s focus on building, partnering, and investing in fintech startups reflects its commitment to staying at the forefront of innovation in the industry. While there are discussions around exploring new technologies like stablecoins and layer two networks, Citibank remains mindful of regulatory considerations and the need to prioritize the safety and soundness of its clients’ assets.

Overall, Citibank’s presence at Consensus showcases its interest in exploring innovative technologies and finding ways to enhance client experiences through tokenization, stablecoins, and other emerging trends in the crypto space. As the industry evolves, Citibank continues to adapt and invest in technologies that have the potential to transform the financial services landscape.

Thank you, Ryan, for sharing your insights and experiences with us at the conference. We look forward to hearing more about Citibank’s advancements in the digital asset space.