Citigroup Unveils Citi Token Services for Cash Management and Trade Finance

Citigroup has announced the instauration and piloting of Citi Token Services for currency absorption and commercialized finance. “Citi Token Services volition integrate tokenized deposits and astute contracts into Citi’s planetary network, upgrading halfway currency absorption and commercialized concern capabilities,” the fiscal elephantine explained.

Citi Launching New Token Services

Citigroup Inc. (NYSE: C) announced connected Monday the “creation and piloting of Citi Token Services for currency absorption and commercialized finance.” The fiscal giant’s Treasury and Trade Solutions (TTS) explained:

The work uses blockchain and astute declaration technologies to present integer plus solutions for organization clients. Citi Token Services volition integrate tokenized deposits and astute contracts into Citi’s planetary network, upgrading halfway currency absorption and commercialized concern capabilities.

“Digital plus technologies person the imaginable to upgrade the regulated fiscal strategy by applying caller technologies to existing ineligible instruments and well-established regulatory frameworks,” said Shahmir Khaliq, Citigroup’s Global Head of Services.

Citi set up a integer assets radical wrong its wealthiness absorption portion successful June 2021 to assistance clients put successful cryptocurrencies, stablecoins, non-fungible tokens (NFTs), and cardinal slope integer currencies (CBDCs). A fewer months later, the fiscal elephantine reportedly sought to prosecute 100 people for its caller crypto team. In May past year, Citi participated successful a backing circular for Talos, a planetary steadfast that provides organization integer plus trading technology.

Khaliq further commented connected Monday: “The improvement of Citi Token Services is portion of our travel to present real-time, always-on, next-generation transaction banking services to our organization clients.” The Citi enforcement added: “This improvement goes hand-in-hand with our industry-leading enactment connected the Regulated Liability Network to make interoperable integer plus solutions connected a multi-bank basis.”

Ryan Rugg, Citi Treasury and Trade Solutions’ planetary caput of Digital Assets, detailed: “Citi Token Services provides firm treasurers with a caller instrumentality to negociate planetary liquidity connected a just-in-time, programmable basis. Frictions related to cut-off times and gaps successful the work model volition beryllium reduced.”

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