U.S. Bank has created a position to help it use blockchain to improve efficiencies in its capital markets business.
According to a Tuesday (Sept. 27) news release, the bank has named Citi veteran Milena Kohlhofer to fill that role, capitalizing on her experience leading digital assets initiatives and strategic investments for the Citi Markets business.
“Our corporate and commercial Banking clients rely on us to be a trusted advisor on new and emerging finance solutions that can propel their businesses forward,” said Marcus Martin, managing director and head of ESG for commercial products, U.S. Bank.
He called Kohlhofer “one of the leading experts in how banks can deliver blockchain solutions for businesses,” saying she will be ” a key player in our efforts to harness the potential of blockchain to create more value for our clients.”
Kohlhofer will focus on advising corporate and commercial customers on blockchain infrastructure, product development, and the blockchain regulatory landscape while also seeking out other FinTechs to collaborate with on blockchain projects.
In addition, she’ll lead “the strategic development of core blockchain capabilities to support a variety of use cases across the capital markets business,” the release said.
Her appointment comes as Wall Street bankers have begun exploring the use of blockchain technology — the tech behind cryptocurrency transactions — for trading, even as they shy away from direct crypto investments.
As was reported last month, JPMorgan has already begun processing some trades on blockchain networks, while Goldman Sachs and other big banks are actively exploring it.
“Blockchain technology is going to rewire all financial services,” Tom Farley, the former president of the New York Stock Exchange, said in a Wall Street Journal interview in August.
And Mathew McDermott, who runs the digital asset group at Goldman, was originally wary of blockchain technology but has since changed his position, telling the Journal: “I’m not doing this just to satisfy my curiosity. Everything has a commercial driver.”
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