Citi has announced the introduction of Citi Token Services, which will tokenize client deposits. This means they can be sent anywhere in the world in an instant.
The announcement comes as Citi continues to explore blockchain and digital assets.
A New Service For Institutional Clients
Citi Token Services uses blockchain technology and smart contracts to deliver digital asset solutions for Citi’s institutional clients. The service will integrate tokenized services and smart contracts into Citi’s global network, significantly upgrading trade finance and cash management capabilities. According to Citi’s announcement, institutional clients require ‘always-on’ programmable financial services. Citi Token Services can provide cross-border payment liquidity and automated trade finance solutions on a 24/7 basis. Speaking about the service, Global Head of Services Shahmir Khaliq stated,
“Digital asset technologies have the potential to upgrade the regulated financial system by
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