Citigroup Makes Epic Crypto Debut With Launch of Citi Token Services


18 Sep 2023 2:21 PM

Major US financial conglomerate expands into digital asset space with new token service...

  • Citigroup has introduced Citi Token Services, a groundbreaking initiative that utilizes blockchain and smart contract technologies to reshape digital asset solutions for institutional clients.
  • The service aims to revolutionize cash management and trade finance by integrating tokenized deposits and smart contracts into Citigroup's global network.
  • Citi Token Services offers a comprehensive range of solutions, including cross-border payments, liquidity management, and automated trade finance services.
  • The service has successfully collaborated with industry players like Maersk to digitize traditional bank guarantees and letters of credit, reducing transaction processing times from days to minutes.
  • It has also been applied to a global cash management pilot program, enabling seamless liquidity transfers between different Citi branches.
  • Citigroup employs a private, permissioned blockchain technology, allowing clients to access these services without hosting their own blockchain nodes.

The article highlights the groundbreaking and transformative nature of Citigroup's Citi Token Services, indicating a positive sentiment towards the initiative.

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