Citigroup debuts digital token service for institutional clients

Citigroup, the third largest banking institution in the U.S., announced Monday the launch of Citi Token Services, a blockchain-based cross-border payments solution for institutional clients.

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Fast facts

• The service will use tokenized deposits and smart contracts to provide real-time cross-border settlements and liquidity for institutional clients anywhere in the world and around the clock, Citi said in a press release. 
• “[The news] is another sign that the big financial institutions continue to embrace blockchain technology,” Singapore-based digital asset services platform Matrixport’s head of research and strategy Markus Thielen said in an email statement. “Undoubtedly, blockchain is seen as a technological improvement to the current financial system.”
• Citi Token Services was tested in a piloting program with logistics company Maersk. 
• The private blockchain technology used for Citi Token Services is owned and managed by Citi itself. The company explained that customers will not need to host a blockchain node to use the service.
• JPMorgan Chase & Co. is also exploring a blockchain-based deposit token for faster cross-border payments and settlements, according to a Bloomberg report earlier in September.
• Citigroup has over 13,000 institutional clients including 90% of global Fortune 500 companies, according to the company website. Overall, it has over 100 million customers across nearly 160 countries.

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