Citi Debuts Token Service, Continues Foray Into Digital Assets
Crypto Daily
19 Sep 2023 8:43 AM
Citi has announced the introduction of Citi Token Services, which will tokenize client deposits. This means they can be sent anywhere in the world in an instant....
- Citi has introduced Citi Token Services, which allows client deposits to be tokenized and sent anywhere in the world instantly.
- The service uses blockchain technology and smart contracts to provide digital asset solutions for institutional clients.
- Citi Token Services upgrades trade finance and cash management capabilities, providing cross-border payment liquidity and automated trade finance solutions on a 24/7 basis.
- Citi has tested the service in partnership with Maersk, successfully demonstrating tokenized deposit transfers and instant payments via smart contracts.
- The service also enables clients to transfer liquidity between Citi branches globally on a just-in-time basis.
The article highlights Citi's introduction of Citi Token Services, which is seen as a positive development in upgrading trade finance and cash management capabilities for institutional clients. The use of blockchain technology and smart contracts is expected to provide efficient and instant cross-border payment solutions. The successful testing of the service with Maersk further adds to the positive sentiment.