Home » Citigroup debuts digital token service for institutional shoppers

Citigroup debuts digital token service for institutional shoppers

by CoinVeem

Citigroup, the third largest banking establishment within the U.S., introduced Monday the launch of Citi Token Providers, a blockchain-based cross-border funds resolution for institutional shoppers.

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Quick information

  • The service will use tokenized deposits and sensible contracts to offer real-time cross-border settlements and liquidity for institutional shoppers wherever on this planet and across the clock, Citi mentioned in a press release
  • “[The news] is one other signal that the massive monetary establishments proceed to embrace blockchain expertise,” Singapore-based digital asset companies platform Matrixport’s head of analysis and technique Markus Thielen mentioned in an electronic mail assertion. “Undoubtedly, blockchain is seen as a technological enchancment to the present monetary system.”
  • Citi Token Providers was examined in a piloting program with logistics firm Maersk. 
  • The non-public blockchain expertise used for Citi Token Providers is owned and managed by Citi itself. The corporate defined that clients won’t have to host a blockchain node to make use of the service.
  • JPMorgan Chase & Co. can be exploring a blockchain-based deposit token for sooner cross-border funds and settlements, according to a Bloomberg report earlier in September.
  • Citigroup has over 13,000 institutional shoppers together with 90% of world Fortune 500 corporations, in accordance with the corporate website. Total, it has over 100 million clients throughout almost 160 nations.

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