The development and testing of Citi Token Services for trade finance and cash management have been disclosed by Citigroup. According to the banking behemoth, “Citi Token Services will integrate tokenized deposits and smart contracts into Citi’s global network, enhancing core cash management and trade finance capabilities.”
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Citi Launching New Token Services
On Monday, Citigroup Inc. (NYSE: C) declared the “creation and piloting of Citi Token Services for cash management and trade finance.” Treasury and Trade Solutions (TTS), a division of the financial giant, explained:
To provide digital asset solutions for institutional clients, the service makes use of blockchain and smart contract technologies. By integrating tokenized deposits and smart contracts into Citi’s worldwide network, Citi Token Services will enhance the company’s fundamental trade finance and cash management capabilities.
Citigroup launches tokenized deposit service for institutional clients
Citigroup is launching a new tokenized deposit service for institutional clients. The service, called Citi Token Services, will allow clients to convert their deposits into digital tokens based on a private… pic.twitter.com/HLAgaFNjhf— The Pareto Investor (@pareto_investor) September 18, 2023
According to Shahmir Khaliq, global head of services at Citigroup, “digital asset technologies have the potential to improve the regulated financial system by applying new technologies to existing legal instruments and well-established regulatory frameworks.”
In order to assist clients with investing in cryptocurrencies, stablecoins, non-fungible tokens (NFTs), and central bank digital currencies (CBDCs), Citi established a digital assets section under its wealth management division in June 2021. A few months later, the financial behemoth allegedly wanted to hire 100 individuals for its brand-new cryptocurrency unit. Citi took part in a capital round for Talos, a multinational company that offers institutional clients digital asset trading technologies, in May of last year.
On Monday, Khaliq added the following: “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 Citi executive went on to say, “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.”
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According to Ryan Rugg, global head of digital assets for Citi Treasury and Trade Solutions, “Citi Token Services gives corporate treasurers a new tool to manage global liquidity on a just-in-time, programmable basis. There will be less friction because of cut-off times and service window gaps.
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