Citi Launches Token Service in Push For Institutional Crypto Offering
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- The service aims to improve cross-border money transfers, which currently take days due to different systems and outdated banking technology.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.