US Bank taps digital expert to power blockchain unit
US Bank has created a position to help it use blockchain to improve efficiency in its capital markets business.
According to a press release on Tuesday (27 September), the bank has appointed Citi veteran Milena Kohlhofer to fill this role.
“Our corporate and commercial banking clients rely on us to be a trusted advisor for new and emerging financing solutions that can drive their business forward,” said Marcus Martin, managing director and head of ESG for commercial products, US Bank.
He called Kohlhofer “one of the leading experts on how banks can deliver blockchain solutions for businesses,” and said she will be “a key player in our efforts to leverage the potential of blockchain to create more value for our customers.”
Kohlhofer will focus on advising enterprise and commercial clients on blockchain infrastructure, product development and the blockchain regulatory landscape, while seeking other FinTechs to collaborate with on blockchain projects.
In addition, she will lead “the strategic development of core blockchain capabilities to support a variety of use cases across the capital markets business,” the release said.
Read more: Wall Street Bankers Tap Blockchain Use Beyond Crypto
Her appointment comes as Wall Street bankers have begun to explore the use of blockchain technology — the technology behind cryptocurrency transactions — for trading, even as they shy away from direct crypto investments.
As reported last month, JPMorgan has already started processing some trades on the blockchain network, while Goldman Sachs and other major 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 assets group at Goldman, was initially 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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