A year ago, Citi unveiled two tokenized deposit solutions in pilot mode. Citi Token Services for Cash enables enterprises and institutions to move money between Citi branches around the world 24/7. This is now available commercially, with Mars as one of the first clients.
The second solution, Citi Token Services for Trade, is still in pilot mode with new pilot transactions with shipping agents, CB Fenton and GAC Panama Shipping.
“The continued progress of Citi Token Services is a key component of Citi’s pursuit of real-time, always-on services for its institutional clients,” said Ryan Rugg, Head of Digital Assets, Treasury and Trade Solutions, Citi. “By using Distributed Ledger Technology (DLT) and smart contracts, Citi has created a patented programmable payment and liquidity platform, which will reduce costs and streamline processes.”
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