Citi Launches Token Service in Push For Institutional Crypto Offering


19 Sep 2023 11:13 PM

Banking giant Citigroup launched a new service called Citi Token Services that transforms customer deposits into digital tokens that can be sent instantly worldwide....

  • Citigroup has launched a new service called Citi Token Services that converts customer deposits into digital tokens for instant worldwide transfers.
  • The tokens represent a claim against the bank and are processed on a private blockchain owned by Citigroup.
  • The service aims to improve cross-border money transfers, which currently take days due to different systems and outdated banking technology.
  • Users can access the service through the bank's existing systems without setting up their own crypto wallets.
  • The launch follows a successful pilot test by Citigroup, the New York Fed, and other banks using digital tokens representing customer deposits.
  • Citigroup is the latest institution to embrace the tokenization of real-world assets, with the total value of tokenized assets reaching over $3 billion in August.

The article highlights Citigroup's new service as a positive development in improving cross-border money transfers and embracing the tokenization of real-world assets.

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You May Ask

What is Citi Token Services and what does it aim to achieve?How are the tokens processed and what blockchain are they built on?How can users access the service and do they need to set up their own crypto wallets?What was the result of the pilot test conducted by Citigroup and other banks using digital tokens?What is the current value of tokenized real-world assets and what sectors do they include?

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