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FIRST MOVER: Citi's Exploration Into Crypto and the Metaverse

CoinDesk Podcast Network

CoinDesk

Business News, Daily News, News, Tech News

4.7698 Ratings

🗓️ 7 June 2024

⏱️ 11 minutes

🧾️ Download transcript

Summary

Ryan Rugg, Head of Digital Assets for Citibank's TTS business, discusses Citi's crypto plans. Ryan Rugg, Head of Digital Assets for Citibank's Treasury and Trade Solutions (TTS) business, joined Consensus 2024 with a conversation on Citi's exploration into metaverse, tokenization and the broader crypto industry. Plus, the regulatory hurdles they faced along the way and the significance of collaborations with FinTech companies. - Consensus is where experts convene to talk about the ideas shaping our digital future. Join developers, investors, founders, brands, policymakers and more in Austin, Texas from May 29-31. The tenth annual Consensus is curated by CoinDesk to feature the industry’s most sought-after speakers, unparalleled networking opportunities and unforgettable experiences. Register now at consensus.coindesk.com. - This episode was hosted by Jennifer Sanasie. “First Mover” is produced by Jennifer Sanasie and Melissa Montañez and edited by Victor Chen. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0

We're coming to you from the Coin Desk podcast studio presented by BitGo.

0:03.6

Founded in 2013 with the first institutional grade Bitcoin wallet.

0:07.6

BitGo is the gold standard in custody, staking, and settlement.

0:11.2

Today, BitGo supports over 800 coins and processes 20% of all Bitcoin transactions by value.

0:17.2

Check them out at BitGo.com.

0:19.8

Consentis is so fun for me because we get to bring people together from different worlds

0:24.6

who are building totally different things in this space.

0:27.6

We are going to welcome Ryan Rug to the show.

0:29.6

She's the head of digital assets for Citibank.

0:32.6

She joins now.

0:33.6

Okay, we have Citibank and we have the Metaverse, right? I know a few years ago

0:38.6

we saw like some banks doing Metaverse activations. Citibank have any desires to get into

0:45.0

a Metaverse and try something out? You know, we've experimented. We did a simulation of our

0:49.5

lobby for clients to come in and use and like so they could touch and feel. I think from a client experience, it's still a little bit far away.

0:57.2

Like as we saw when you're in your Okony segment, it still has a little bit of bugs that, you know,

1:01.1

we move trillions of dollars a day.

1:02.7

We can't have those bugs just yet.

1:04.2

So, but our clients are interested for everything from client onboarding to experiences,

1:09.0

but I think it still has a little bit of way to go from a technology standpoint. How many people tried it out? Several. Clients were walking by and

1:16.8

loving it. It's always really amusing watching clients. It's almost like children because they're

1:20.4

like trying to feel in touch. So I definitely think it has a place, but not quite yet in financial

1:26.3

services. Justin, does it take big names like Citibank to have maybe IRL activations that introduce people to it to help achieve this mainstream adoption that you're thinking about?

...

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