Citigroup introduced Citi Token Services, which is believed to be a private, permission-based, blockchain and will offer cross-border payments, liquidity and automated trade finance solutions to institutional clients. It is believed that the new services “will integrate tokenised deposits and smart contracts into Citi’s global network,” stated Cointelegraph.
Sources revealed that a second pilot is expected to have enabled clients to transfer liquidity between Citi branches around the clock. This is expected to eventually help in reducing “frictions related to cut-off times and gaps in the service window,” Cointelegraph added.
“Our solutions within the Citi network are complemented by inclusive and open industry collaboration on initiatives like the Regulated Liability Network,” Ryan Rugg, global head of digital assets, TTS, explained.
Furthermore, “In light of the Citi Token Services announcement, don’t forget they’re building a separate protocol to sidestep #Bitcoin, called Regulated Liability Network,” Cameron Otsuka told Cointelegraph.
(With insights from Cointelegraph)
