![Citigroup Makes a Pioneering Entrance into the Crypto World with the Introduction of Citi Token Services](https://homedecore24.com/wp-content/uploads/2023/09/FS2VZ7GQ6VC3PHVRPNC2I3AUHI-1024x683.jpg)
By Pradeep Saran, September 19, 2023
Citigroup has unveiled a groundbreaking initiative with the introduction of Citi Token Services, marking a significant development in the realms of cash management and trade finance. This innovative service leverages the potential of blockchain and smart contract technologies, aiming to reshape digital asset solutions tailored for institutional clients.
This strategic move is poised to bring about a fundamental transformation in these specific business sectors by seamlessly incorporating tokenized deposits and smart contracts into Citigroup’s expansive global network.
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In response to the surging demand for 24/7 programmable financial services, Citi Token Services is set to provide institutional clients with a comprehensive array of solutions, encompassing cross-border payments, liquidity management, and automated trade finance services.
One notable achievement of this service has been its successful pilot collaboration with key industry players, including the prominent shipping company Maersk. Together, they have digitized a solution akin to traditional bank guarantees and letters of credit within the trade finance ecosystem. The technology demonstrated in this pilot program streamlines the entire process, guaranteeing instant payment capabilities for both buyers and sellers. This advancement holds the promise of reducing transaction processing times from several days to mere minutes.
Furthermore, in addition to its significant strides in trade finance, Citi Token Services has been applied to a global cash management pilot program. This initiative empowers clients with the seamless ability to transfer liquidity between different Citi branches on a 24/7 basis.
Importantly, Citigroup employs a private, permissioned blockchain technology that is owned and managed by the institution itself. This unique approach ensures that clients can access these cutting-edge services without the necessity of hosting their own blockchain nodes.
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