Citigroup debuts digital token service for institutional purchasers

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Citigroup debuts digital token service for institutional purchasers

Citigroup, the third largest banking establishment within the U.S., introduced Monday the launch of Citi Token Providers, a blockchain-based cross-border funds resolution for institutional purchasers.

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  • The service will use tokenized deposits and sensible contracts to offer real-time cross-border settlements and liquidity for institutional purchasers anyplace on this planet and across the clock, Citi stated in a press launch
  • “[The news] is one other signal that the large monetary establishments proceed to embrace blockchain know-how,” Singapore-based digital asset companies platform Matrixport’s head of analysis and technique Markus Thielen stated in an electronic mail assertion. “Undoubtedly, blockchain is seen as a technological enchancment to the present monetary system.”
  • Citi Token Providers was examined in a piloting program with logistics firm Maersk. 
  • The non-public blockchain know-how used for Citi Token Providers is owned and managed by Citi itself. The corporate defined that clients won’t have to host a blockchain node to make use of the service.
  • JPMorgan Chase & Co. can be exploring a blockchain-based deposit token for sooner cross-border funds and settlements, in accordance to a Bloomberg report earlier in September.
  • Citigroup has over 13,000 institutional purchasers together with 90% of worldwide Fortune 500 firms, based on the corporate web site. General, it has over 100 million clients throughout practically 160 nations.

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