Citigroup Will Let Rich Clients Use Private Blockchain to Transfer Assets

Citigroup has announced Citi Token Services, a digital token product for institutional clients that uses blockchain and smart contract technology to send money across borders quickly. Citi said the product runs on a private blockchain rather than a public one like Bitcoin or Ethereum, and that it will provide automated trade finance solutions on a 24/7 basis. In a pilot with shipping company Maersk, Citi claimed the technology is expected to reduce transaction processing times from days to minutes. Citi Token Services has also been applied to a global cash management pilot that lets clients move liquidity between Citi branches.