Ryan Rugg, the global head of digital assets at Citigroup Inc (NYSE:C), is one of the leading voices in the Web3 space, advocating for the use of blockchain technology to transform the traditional financial system. Rugg has over 20 years of experience in various sectors, including fixed income, asset management, insurance and blockchain.
Rugg will be speaking at Benzinga’s Future of Digital Assets event on Nov. 14, 2023 in New York City, where she will share her insights on the trends and challenges of institutional blockchain adaptation.
Rugg is responsible for Citi Token Services, a platform that provides digital asset solutions for institutional clients, such as tokenization, custody, trading and settlement. Citi Token Services leverages a permissioned blockchain network that enables faster, cheaper and more transparent transactions across borders and asset classes.
Rugg told Coindesk in a recent interview that Citi Token Services is not driven by technology, but by client demand. She said that clients want to access cross-border multi-bank liquidity, move money 24/7/365 and make it programmable. She added that Citi chose a permissioned blockchain network because it offers the best trade-off between scalability, security and interoperability.
Citi is one of the few large banks that have embraced Web3 and blockchain innovation. In a report published earlier this year, Citi forecasted that the tokenization market of real-world assets will reach $5 trillion by 2030. The report highlighted the inefficiencies and limitations of the traditional financial system and how blockchain can overcome them.
Rugg has also been a pioneer in exploring new blockchain-driven business models for various industries, such as insurance, shipping and health care. She has demonstrated how blockchain can enable real-time data collection, verification and analysis, leading to more customized and dynamic pricing, risk assessment and policy management.
Rugg’s vision and leadership have positioned Citi as a frontrunner in the institutional Web3 space, offering solutions that cater to the evolving needs and preferences of clients in the digital age.
