Citigroup launches Citi Token Services for institutional clients
The multinational bank has expressed optimism about blockchain adoption in the past and is pressing ahead with token services pilot....
- Citigroup has launched Citi Token Services, a platform that utilizes blockchain and smart contract technologies to provide digital asset solutions for institutional clients.
- The services aim to upgrade cash management and trade finance capabilities by integrating tokenized deposits and smart contracts into Citi's global network.
- Citi predicts that over a billion people will be using blockchain technology in the next six to eight years, driven by central bank digital currencies and tokenization.
- The company has successfully tested its token services with global trade leader Maersk, enabling instant payments and potentially reducing transaction processing times.
- Citi Token Services has also been integrated into a global cash management pilot, allowing clients to transfer liquidity between Citi branches on a 24/7 basis.
- The blockchain technology used is private and permissioned, owned and managed by Citi.
The article highlights Citigroup's efforts to leverage blockchain and smart contract technologies to enhance cash management and trade finance capabilities. The tone of the article is positive, emphasizing successful test pilots and the potential benefits of the newly launched Citi Token Services.