Financial services and banking giant Citigroup is reportedly launching a unique private blockchain for its clients.
According to a new Bloomberg report, Citigroup has unveiled Citi Token Services, a product aimed at tokenizing client deposits.
The service is reportedly focused on improving cash management and trade-finance capabilities, such as increasing the speed of transactions.
Says Citigroup’s global head of services, Shahmir Khaliq,
“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.”
The so-called “tokenized deposits” represent bank claims and are instantaneously transferrable on the blockchain.
Citigroup tested the new system with the Federal Reserve Bank of New York, according to the Bloomberg report. The system enables banks to generate digital money for