While there was an increase in Bitcoin and altcoins, a new crypto move came from Citigroup.
According to Bloomberg, Citigroup announced that it has launched its token service and pilot application to offer digital assets to corporate customers.
𝐂𝐢𝐭𝐢 𝐚𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐬 𝐧𝐞𝐰 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐚𝐬𝐬𝐞𝐭 𝐜𝐚𝐩𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 𝐟𝐨𝐫 𝐜𝐥𝐢𝐞𝐧𝐭𝐬
Citi Treasury & Trade Solutions announces creation and pilot of Citi Token services for cash management and trade finance.
— Bitcoin Sistemi EN (@btcsistemiEN) September 18, 2023
According to the statement, thanks to the Citi Token service, corporate customers will be able to convert their deposits into digital tokens that can be sent instantly anywhere in the world.
Additionally, customers will not need to set up their own digital wallets and will instead be able to access the service through the bank's existing systems.
Citigroup Global Services President Shahmir Khaliq said the following on the subject:
“Digital asset technologies have the potential to elevate the regulated financial system by applying new technologies to existing legal instruments and well-established regulatory frameworks.
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 customers.
“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.”
