Banking Giant Citigroup Launches Private Blockchain To Transform Client Deposits Into Digital Tokens: Report - The Daily Hodl
Financial services and banking giant Citigroup is reportedly launching a unique private blockchain for clients....
- Citigroup is launching Citi Token Services, a private blockchain for its clients.
- The service aims to tokenize client deposits and improve cash management and trade-finance capabilities.
- The system was successfully tested with the Federal Reserve Bank of New York.
- It allows banks to generate digital money for customers, which can be cleared using central bank reserves.
- JP Morgan & Chase is reportedly developing similar technologies.
The article highlights Citigroup's efforts to enhance its transaction banking services through the launch of Citi Token Services. The successful testing of the system with the Federal Reserve Bank of New York indicates a positive development in improving cash management and trade-finance capabilities. The mention of JP Morgan & Chase developing similar technologies suggests a competitive landscape in the financial services sector.