JPM - Citi Turns To Digital Asset Space To Improve Cash Management Trade Finance | Benzinga
In less than a week after Deutsche Bank (NYSE: DB) and HSBC (NYSE: HSBC) partnered with other companies for digital asset custody, Citigroup Inc (NYSE: C) has now turned to the digital asset space to launch tokenized digital assets using its own wallet and blockchain.
Citi's Token Service will provide cross-border payments and liquidity all around the clock.
Read More: Deutsche Bank Joins Crypto Wave: Partners With Taurus For Digital Asset Custody
What Happened: Citigroup’s Citi Treasury and Trade Solutions launched Citi Token Services for delivering digital asset solutions to institutional clients using blockchain and smart contract technologies. For better cash management and enhancing trade finance capabilities, the service will integrate tokenized deposits and smart contracts into Citi’s global network.
Citi Token will convert customer deposits into digital tokens which can be transferred anywhere in the ...