Quick take:
- Citigroup has launched a permissionless blockchain service for institutional clients.
- The new offering allows banks to turn customer deposits into digital tokens.
- The product focuses on trade finance and cash management services.
Citigroup is doubling down on its crypto strategy with a private token service for institutional clients. The global banking and investment services company on Monday announced new digital assets capabilities, integrating tokenised deposits into its global network.
According to the announcement, the new offering will focus on trade finance and cash management. It will enable banks in the network to turn customer deposits into tokens.
The company has already made significant strides in the crypto space through Citi Ventures, its investment arm, which counts TRM Labs and crypto trading technology company Talos among its portfolio companies.
“Institutional clients have a need for ‘always-on’, programmable financial services and Citi Token Services will provide cross-border payments, liquidity, and automated…