Citi, one of the largest banks in the world, has launched its own blockchain called Citi Token Services. What are the application cases of this new solution already adopted by the maritime transport giant Maerk?
Citi bank launches its own blockchain
Citigroup, better known as Citi, revealed the launch of a new Blockchain-based cross-border payments solution.
Called Citi Token Services, this blockchain allows you to streamline operations such as letters of credit or bank guarantees. taking advantage of smart contracts to ensure its proper functioning. Thus, tokenized deposit transfers can, for example, be scheduled for instant payments when certain conditions are met, while such operations can typically take several days in international trade.
To carry out its initial work, the 3rd largest bank in the United States has partnered in particular with Maersk, the shipping giant.
Marie-Laure Martin, regional head of treasury for the Americas at Maersk, expressed her satisfaction with the initial results of Citi Token Services:
“We are pleased to have collaborated with Citi on the successful pilot of the collateral solution using digitized tokens and smart contracts. This innovative solution has promising applications for trade finance. »
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A funds transfer solution available at any time
At the same time, the Citi Token Services solution was also requested for a pilot project of instant transfers between the bank’s different branches. As a result, Citi clients were able to experience this type of transfers 24 hours a day, 7 days a week.
In addition, the company remembers that it has banking licenses in more than 90 countries around the worldforming a large network that Citi Token Services can benefit from.
This new development from Citi is reminiscent of JP Morgan’s Onyx blockchain, which has already been in operation for several years. Like its competitor, this blockchain works, no surprises, privately and with permission. As is often the case with banks, the “decentralized” dimension of blockchain technologies has been left aside.
Also in the news — France: startup Bubblemaps raises 3 million euros to develop on-chain analytics
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I shyly discovered the blockchain world at the end of 2018 during my quest for financial freedom. Initially I invested moderately, only two years later I risked betting everything on the movement that was then taking shape. Then I will dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often say: I still have a billion things to learn. And what I know, I want to share with you.