- Citigroup launches Citi Token Services for institutional clients.
- Private blockchain and smart contracts to expedite transaction times.
- Successful pilot test with logistics giant Maersk.
- 24/7 global cash management feature.
Cutting-Edge Solutions for a Complex World
Citigroup, a titan in the investment banking sphere, has announced the inception of a new service tailored for institutional clients: Citi Token Services. This service employs a private blockchain system and smart contracts to expedite cross-border financial transactions.
Read CRYPTONEWSLAND on
google news
Streamlining Trade Finance: The Future is Digital
Citi Token Services aims to digitalize what has traditionally been a cumbersome process—issuing bank guarantees and letters of credit in trade finance. The bank asserts that this upgrade could trim transaction times from days down to mere minutes.
Private Blockchain: A Calculated Choice
Unlike public blockchains, which back cryptocurrencies like Bitcoin and Ethereum, Citi’s platform is based on a private blockchain. This decision offers the bank’s high-net-worth clients an additional layer of security while ensuring quick and efficient transactions.
A Promising Pilot: Maersk’s Collaboration
Citigroup also revealed its partnership with integrated logistics giant Maersk in a successful pilot program. This initiative tested how the technology could streamline the shipping industry’s often complicated financial transactions. Marie-Laure Martin, Maersk’s regional treasury manager for the Americas, expressed satisfaction with the successful tests.
From Regional to Global: 24/7 Cash Management
Furthermore, Citi Token Services has been utilized in a global cash management pilot, making it possible for institutional clients to transfer funds between Citi branches around the clock.
A Future Driven by Digital Assets
In a recent report, Citigroup indicated that we are nearing a “tipping point” in the digital asset space. The report predicts that the driving forces behind this shift will be the advent of Central Bank Digital Currencies (CBDCs) and the tokenization of tangible assets.
Recommended News :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
