Wall Street giant Citigroup has officially launched a new business unit dedicated to cryptocurrency and blockchain, as reported by The Block.

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The company announced a new unit called Digital Assets Group, which will be part of its asset management division, Citi Global Wealth Investments.

In the memo published by the company, the following statements were included:

“Given the exciting new developments powered by cryptocurrencies, tokenization and blockchain technology, we are pleased to announce the formation of the Digital Assets Group.”

According to the memo, Alex Kriete and Greg Girasole will lead this unit. Citi’s move makes the company the latest bank to enter crypto asset management.

Morgan Stanley and Goldman Sachs have previously launched their own internal initiatives to help wealthy wealth management clients access the crypto market.

According to the note, Kriete and Girsole will work on product development.

In May, one of the bank’s executives, Itay Tuchman, told the Financial Times that he was exploring entering the crypto market but had “not yet decided whether to offer cryptocurrency-related services to its clients” at the time.