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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