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+--- Thread: CitigroupInc. debuted a token service that’s part of a broader drive to offer digital (/thread-488.html)
CitigroupInc. debuted a token service that’s part of a broader drive to offer digital - Harpreet - 19-09-2023
CitigroupInc. debuted a token service that’s part of a broader drive to offer digital means to institutional guests.
The product — known as Citi Token Services — will transfigure guests ’ deposits into digital commemoratives that can be transferred incontinently anywhere in the world, according to a statement Monday. The service is housed in the establishment’s storeroom and trade results division, which has so far concentrated on using it to ameliorate cash- operation and trade- finance capabilities.
“ The development of Citi Token Services is part of our trip to deliver real- time, always- on, coming generation sale banking services to our institutional guests, ” Shahmir Khaliq, global head of the company’s services division, said in the statement.
The move is the rearmost by an established banking mammoth to offer so- called “ tokenized deposits, ” or transmittable digital coins that represent a claim against banks. Crucially, however, these commemoratives are reused on blockchain rails, meaning agreement is immediate.