Citigroup launches Citi Token Services: The crypto revolution is underway!

Blockchain and the cryptos it involves are popular with institutional investors. Consequences: more and more financial groups are offering the means to make them available to their users. Citigroup is not left out of this dynamic.

In short

  • Citigroup is making a remarkable entry into the crypto industry with the launch of a service that aims to revolutionize cash management.
  • Based on the company’s private blockchain, Citi Token Services offers 24/7 programmable financial solutions, including cross-border payments.
  • The result of a successful collaboration between Citigroup and Maersk, the service promises to reduce transaction times and could be the prelude to a global treasury management service.

Citigroup supports institutional exposure to crypto

Citigroup has taken a monumental step into the world of digital assets. The financial group unveiled this Monday, September 18, Citi Token Services, its new crypto offering dedicated to commerce. An initiative, based on the company’s private blockchain, through which the latter aims to redefine cash management and trade financing.

This is why Citi Token Services aims to be futuristic. The service exploits the potential of blockchain and smart contracts. With a clear objective: to reshape digital asset solutions tailored to institutional clients. The latter should now have access to tokenized deposits.

This is only a part of what Citi Token Services wants to make available. Fundamentally, Citigroup wants to provide a concrete response to the growing demand for programmable financial services 24/7.

There is no better way to achieve this than by offering institutional clients a complete suite of solutions. Options that include cross-border payments, liquidity management, but also automated trade finance services.

Citigroup takes a giant step into the crypto industry with its Citi Token Services

Citi Token Services, a decisive step?

Citigroup’s new service is a game changer in more ways than one. Citi Token Services is the culmination of the financial institution’s successful collaboration with shipping giant Maersk.

Together, the two companies make available a solution reminiscent of bank guarantees and traditional letters of credit. This technology streamlines the entire process relating to these.

This, ensuring that buyers and sellers can now benefit from instant payment capabilities. This is a breakthrough that could help reduce transaction processing times from days to just minutes.

But beyond the remarkable options on offer, Citi Token Services could be the prelude to a global cash management service. The financial solution was used as part of a pilot program in line with this logic. An initiative allowing customers to transfer cash seamlessly between different Citi branches, 24/7.

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