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Banking giant Citi has introduced a new crypto and blockchain-based platform called Citi Token Services for its institutional clients. The platform was developed by Citi’s Treasury and Trade Solutions (TTS) department and offers a range of capabilities and features.
Under the new platform, Citi aims to provide institutions with access to smart contracts and blockchain technology. This move comes in response to a demand for “tokenized deposits” and the integration of these technologies into Citi’s global network. Through the platform, the bank seeks to enhance its cash management and trading features for its clients, including cross-border payments, programmable financial services, and automated trading solutions.
Shahmir Khaliq, Global Head of Services at Citi, highlighted the potential of digital asset technologies to upgrade the regulated financial system. He stated, “The development of Citi Token Services is part of our journey to deliver real-time, always-on, next-generation transaction banking services to our institutional clients.”
Citi developed the digital token platform in collaboration with logistics company Marks and major companies like IBM. During the pilot phase, the partners successfully transferred money as tokenized assets, enabling instant payment settlement on the blockchain. The bank expects the platform to reduce transaction time for its institutional clients.
Marie-Laure Martin, Regional Treasury Manager for the Americas at Maersk, expressed enthusiasm for the collaboration with Citi and the potential applications of the innovative token and smart contract solution in trade finance.
In addition to launching the new platform, Citi has been actively investing in blockchain and crypto. A report from 2021 revealed that the bank planned to create over 100 roles in these sectors to strengthen its foothold.
While the announcement received some skepticism on social media, with users questioning the use of tokens by Citi and the necessity of blockchain technology, the banking institution remains committed to hosting the blockchain nodes needed to run its blockchain and continuing to develop digital asset solutions.
As of now, Bitcoin (BTC) is trading at around $27,200, experiencing some profits on low timeframes.
Sources:
– [Citi Develops New Digital Asset Capabilities for Institutional Clients](https://markets.financialcontent.com/stocks/article/bizwire-2023-9-18-citi-develops-new-digital-asset-capabilities-for-institutional-clients)
– [Citi to Create 100+ Roles in Digital Asset Push](https://www.reuters.com/markets/us/citigroup-create-100-roles-digital-asset-push-2021-11-23)
– [Twitter User’s Comment](https://twitter.com/Armaniiio/status/1703787188196901064)
– [BTCUSD Chart on Tradingview](https://www.tradingview.com/chart/?symbol=BINANCE%3ABTCUSDT)
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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