Citigroup Inc. is launching a new digital token service and blockchain system, in its trendy investment into digital assets. The $1.72 trillion asset supervisor will launch the digital token, Citi Token Services, for real-time payments.
According to Citigroup, the product will flip customers’ deposits into digital tokens, which can be despatched immediately to anybody worldwide. The firm’s treasury and change solutions division will run the new digital asset.
“The development of Citi Token Services is part of our experience to deliver real-time, always-on, next-generation transaction banking services to our institutional clients,” Shahmir Khaliq, global head of the company’s offerings division, says in a statement. To function the Citi Token service, Citigroup will work on a private blockchain owned and operated by the company.
The most recent feature comes after months of testing a regulated liability network. The community would enable banks to simulate issuing digital cash representing their customers’ own dollars earlier than settling through central financial institution reserves on a disbursed ledger. The check centered on the Fed and used to prove that digital currency can improve wholesale payments.
In addition, Citi team individuals won’t want to set up a digital wallet to use this new feature. The provider will be handy via Citibank’s present system. According to the bank, Citi Token Services will additionally observe an international cash administration pilot, enabling customers to switch liquidity between Citi branches on a 24/7 basis.