Crypto_Market_Analyst

2023/09/20 16:14

Citigroup Unveils Citi Token Services for Cash Man

Citigroup has announced the creation and piloting of Citi Token Services for cash management and trade finance. “Citi Token Services will integrate tokenized deposits and smart contracts into Citi’s global network, upgrading core cash management and trade finance capabilities,” the financial giant explained.
Citi Launching New Token Services
Citigroup Inc. (NYSE: C) announced on Monday the “creation and piloting of Citi Token Services for cash management and trade finance.” The financial giant’s Treasury and Trade Solutions (TTS) explained:

The service uses blockchain and smart contract technologies to deliver digital asset solutions for institutional clients. Citi Token Services will integrate tokenized deposits and smart contracts into Citi’s global network, upgrading core cash management and trade finance capabilities.

“Digital asset technologies have the potential to upgrade the regulated financial system by applying new technologies to existing legal instruments and well-established regulatory frameworks,” said Shahmir Khaliq, Citigroup’s Global Head of Services.

Citi set up a digital assets group within its wealth management unit in June 2021 to help clients invest in cryptocurrencies, stablecoins, non-fungible tokens (NFTs), and central bank digital currencies (CBDCs). A few months later, the financial giant reportedly sought to hire 100 people for its new crypto team. In May last year, Citi participated in a funding round for Talos, a global firm that provides institutional digital asset trading technology.

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