Ryan Rugg: Leading The Big 4's Charge Into Institutional Blockchain Adaptation

As head of digital assets at Citigroup Inc C, Ryan Rugg spearheads Web3’s way into broad institutional adaptation. Rugg brings over two decades of experience in various roles covering fixed income, asset management, insurance and blockchain.

Rugg is among the Web3 figureheads who will be speaking at Benzinga’s Future of Digital Assets event Nov. 14, 2023 in New York City.

Citi released a report forecasting the blockchain-based tokenization market of real-world assets will reach $5 trillion by 2030. The Web 3-friendly large bank pointed out that traditional financial assets are suboptimal, as traditional systems and processes limit them.

As Rugg recently stated in an interview with Coindesk, clients are certainly taking note.

"It is not about technology. It is about what our clients want – and what our clients want is cross-border multi-bank liquidity. They want to be able to move money, 24/7, 365, and make it programmable,” she told the publication.

After evaluating the available technology, Citi concluded the best is is a permission blockchain, she said, explaining the framework behind Citi Token Services, which provides digital asset solutions for institutional clients.  

The important notion here is that the bank isn't forcing the adaptation; instead, it is reacting to client needs, developing a solution that prioritizes transaction processing and transparency.

Also Read: SEC’s Latest Filings Highlight Auditor Concerns Over Binance.US Collateral Integrity

A Visionary Of Web 3 Institutional Adaptation

Rugg advocated for new blockchain-driven insurance business models as early as 2019. Back then, she explained the logic behind blockchain adaptation for insurance business models, illustrating how blockchain enables insurers to adapt policies in real-time based on factors like a ship’s location or cargo container conditions. Citi is testing these solutions with a global shipping giant, Maersk AMKBY.

In the health insurance space, blockchain facilitates the collection of real-time, verified data from multiple sources, allowing for customized pricing and more frequent risk assessments. Furthermore, usage-based insurance is transforming the car insurance industry by incorporating real-time data about driving behavior and offering innovative pay-as-you-drive policies.

With one of the largest global banks behind her, Rugg is now positioned as a leading figure in the institutional Web3 space.

Join Benzinga’s Future of Digital Assets in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

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