According to Blockworks: CitiGroup has launched Citi Token Services, a permissioned blockchain for institutional clients to interact with digital assets. The new service aims to provide round-the-clock access to tokenized deposits, cross-border payments, and automated trade finance solutions.
Shahmir Khaliq, Citi’s Head of Global Services, emphasized the significant role of digital asset technologies in advancing the regulated financial system. He believes the development of Citi Token Services is part of their journey to deliver real-time, next-generation transaction banking services.
Citi also partnered with Maersk for its digital asset trading service. Instantaneous payments to service providers via smart contracts were facilitated during the pilot program, a feature anticipated to benefit companies with numerous vendors.
Further expressing the importance of this launch, Ryan Rugg, CTTS Global Head of Digital Assets, highlighted how Citi Token Services could support corporate treasurers in managing global liquidity in a streamlined, programmable capacity, thereby reducing service window gaps and cut-off time frictions.
The move seemingly places Citi ahead of JPMorgan, as the latter is reportedly still in the early stages of developing a similar private blockchain service.