Citi Launches Crypto Platform For Institutional Clients

Banking giant Citi launched a new crypto and blockchain-based platform for its institutional clients. The Citi Token Services was released by the bank’s Treasury and Trade Solutions (TTS) with several new capabilities and features.

Citi Doubles Down On Crypto With New Platform

Per an official press release, the new crypto or token platform was created to provide institutions access to smart contracts and blockchain technology. In that way, Citi expects to address a demand for “tokenized deposits” and integrate these technologies into their global network.

Ultimately, the bank aims to “upgrade” its cash management and trading features for its clients. These institutions will have access to some advantages of smart contracts and blockchain, such as cross-border payments, programmable financial services, automated trading solutions, and others.

These services will be available for customers to use every day of the year without any conventional limitations experienced by legacy platforms. Shahmir Khaliq, Global Head of Services for the banking institution, stated:

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. 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. This development goes hand-in-hand with our industry leading work on the Regulated Liability Network to create interoperable digital asset solutions on a multi-bank basis.

The digital token platform was developed by TTS together with logistics company Marks. The bank’s partner worked with IBM and other major companies worldwide in developing blockchain-based solutions.

According to the press release, the project succeeded during its pilot phase. The partners could transfer money as tokenized assets to provide instant payment settlement on the blockchain. The bank expects this new platform to mitigate transaction time for its institutional clients.

Marie-Laure Martin, Regional Treasury Manager for the Americas at Maersk, s

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Author: Reynaldo Marquez

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