Citigroup, a Leading Bank, Initiates Private Blockchain to Convert Client Deposits into Digital Tokens: Report

Citigroup, a Leading Bank, Initiates Private Blockchain to Convert Client Deposits into Digital Tokens: Report

Banking Giant Citigroup Launches Private Blockchain to Digitize Client Deposits

Citigroup, a major financial services and banking company, is set to introduce a unique private blockchain for its clients. The product, was known Citi Token Services, intends to tokenize client deposits and improve cash management and trade-finance capabilities by facilitating quicker transactions.

Shahmir Khaliq, Citigroup’s worldwide head of services, states that the development of Citi Token Services aligns with their goal of providing real-time, next-generation transaction banking services to institutional clients.

The tokenized deposits represent bank states and can be transferred instantly on the blockchain. Citigroup tested the system with the Federal Reserve Bank of New York and successfully demonstrated that digital dollars can strengthen wholesale payments without affecting the legal treatment of deposits.

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Advancing Financial Solutions with Collaborative Efforts

Ryan Ruggs, worldwide head of digital assets at Citigroup’s treasury and trade solutions division, emphasizes that the new system will reduce frictions related to cutoff times and gaps in service windows. In addition, he mentions the Regulated Liability Network as an example of inclusive industry collaboration.

JPMorgan Chase & Co & Chase is reportedly working on similar technologies.

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Hot Take: Citigroup Leaps Forward with Tokenization

Citigroup’s introduction of Citi Token Services marks a whole lot of step towards transforming client deposits into digital tokens. By leveraging blockchain technology, the company intends to strengthen cash management and trade-finance capabilities while streamlining transaction processes. This move demonstrates Citigroup’s commitment to providing cutting-edge solutions for its institutional clients in today’s fast-paced financial landscape.

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