global 703 crypto neutral
Citigroup, a financial services and banking giant, has reportedly launched a private blockchain for its clients. The product, called Citi Token Services, is designed to tokenize client deposits and improve cash management and trade-finance capabilities. According to Citigroup’s global head of services, Shahmir Khaliq, the development of Citi Token Services is part of the company’s journey to deliver real-time, always-on, next-generation transaction banking services.The tokenized deposits represent bank claims and are instantly transferrable on the blockchain. Citigroup tested the new system with the Federal Reserve Bank of New York, and the test was deemed successful. It showed that digital dollars can enhance wholesale payments without altering the legal treatment of deposits.Global head of digital assets at Citigroup’s treasury and trade solutions division, Ryan Ruggs, said that frictions related to cutoff times and gaps in the service window will be reduced. The company is also collaborating with the Regulated Liability Network on initiatives.JP Morgan & Chase is reportedly developing similar technologies.

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Information Details
Geography Global
Sentiment neutral
Relevance Score 10
People Ryan Ruggs, Shahmir Khaliq
Companies JP Morgan & Chase, Citigroup, Shutterstock, Regulated Liability Network, Federal Reserve Bank of New York
Currencies None
Securities None

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