Citigroup Blockchain Exec’s Departure for Six Digital Shows Growing Trend

Executives from legacy banks are leaving key positions in innovative units and subsidiaries to take on roles at newer firms deep in the trenches of digital assets.

In one example, Alexandre Kech, director of blockchain and digital assets at Citi Ventures, is leaving the company to take on a role at Six Digital Exchange, per a CoinDesk report Thursday (Oct. 6). Six Digital, a Swiss digital asset exchange, offers trading, settlement and custody of crypto assets.

Kech also tweeted the news of his departure from the bank but not of his upcoming position, with the social media post pointing to an “exceptional opportunity” in November.

See also: CFOs With a Taste of Digitization Want Even More

His departure follows the August exit of Citi Venture’s head of foreign exchange Itay Tuchman, another key digital assets employee from the banking group.

PYMNTS has reached out to Six Digital Exchange and Citi Ventures for comment.

Additional departures from legacy banks include former Credit Suisse Managing Director Danielle Johnson, who recently exited for Galaxy Digital, as well as three J.P. Morgan executives that departed in June to join crypto firms, according to multiple media reports.

Read more: Citi Extends Cash Concentration Capability to Non-Business Days

In recent weeks, U.S. Bank also brought former Citi executive Milena Kohlhofer onboard to help it use blockchain to improve efficiencies in its capital markets business. She brings her previous experience leading digital assets initiatives and strategic investments for the Citi Markets business.

Related: US Bank Taps Citi’s Milena Kohlhofer to Run Blockchain Unit

U.S. Bank said Kohlhofer will lead “the strategic development of core blockchain capabilities to support a variety of use cases across the capital markets business,” demonstrating the bank’s eagerness around the technology.

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