Citigroup Launches Private Blockchain and Digital Token
$2.3 trillion assets manager Citigroup has introduced its innovative Citi Token Services, capitalizing on the Citigroup private blockchain and smart contract technologies. and smart contract technologies. This new offering aims to enhance cash management and trade finance solutions for institutional clients by integrating tokenized deposits and smart contracts into Citi's expansive global network.
Recognizing the increasing demand for real-time, programmable financial operations, Citi Token Services offers 24/7 cross-border payment, liquidity, and automated trade finance solutions. citigroup private blockchain
Shahmir Khaliq, Global Head of Services at Citi, remarked, "By integrating digital asset technologies, we aim to revolutionize the regulated financial realm. Citi Token Services epitomizes our commitment to delivering instantaneous, state-of-the-art transaction banking solutions. Our efforts with the Regulated Liability Network are also noteworthy, promoting interoperable digital asset solutions on a multi-bank scale.”
Trade Solutions with Citi Token
In a collaboration with Maersk and a canal authority, Citi showcased a digital solution that aligns with the objectives of bank guarantees and letters of credit in trade finance. This pilot revealed the efficacy of smart contracts in enabling instant payments to service providers.
Marie-Laure Martin, representing Maersk in the Americas, expressed her satisfaction, "The digital solutions, encompassing tokens and smart contracts, present significant promise for the realm of trade finance.”
Notably, the technology piloted can expedite transaction times, cutting it down from days to mere minutes.
Cash Solutions with Citi Token
Additionally, Citi Token Services plays a crucial role in a global cash management pilot, facilitating real-time liquidity transfers across Citi branches.
Ryan Rugg, overseeing Digital Assets at Citi TTS, stated, "Our new services empower corporate treasurers to efficiently handle global liquidity. We're reducing traditional banking friction points and are thrilled about the potential of shared ledger technology in updating our offerings.”
Tech Innovations at Citi
The blockchain technology deployed by Citi is proprietary. Clients can access services without needing to maintain their blockchain node.
Citi persists in its digital asset endeavors, focusing on shared technology capabilities and a cohesive strategic direction. This aligns with their objectives around digital money, trade, securities, and more.
Read the full announcement here.
About Citi: A frontrunner in banking, Citi specializes in serving institutions with global needs and boasts a strong presence in nearly 160 countries. They offer an array of financial services and products to diverse clientele, ranging from corporations and governments to individuals.