Citigroup debuts digital token service for institutional clients

Citigroup, the third-largest banking institution in the United States, announced on Monday the launch of Citi Token Services, a blockchain-based cross-border payment solution for institutional customers.

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Brief information

  • The service will leverage tokenized deposits and smart contracts to provide real-time, 24/7 cross-border settlements and liquidity to institutional clients anywhere in the world, Citi said in a press release.
  • “[The news] “This is another sign that major financial institutions are continuing to embrace blockchain technology,” said Markus Thielen, head of research and strategy at Singapore-based digital asset services platform Matrixport, in an emailed statement. “There is no doubt that blockchain will be seen as a technological improvement to the current financial system.”
  • Citi Token Services was tested in a pilot program with logistics company Maersk.
  • The private blockchain technology used for Citi Token Services is owned and managed by Citi itself. The company explained that customers do not need to host a blockchain node to use the service.
  • JPMorgan Chase & Co. is also exploring a blockchain-based deposit token for faster cross-border payments and settlements, according to a Bloomberg report in early September.
  • According to the company website, Citigroup has over 13,000 institutional clients, including 90% of the global Fortune 500 companies. In total, the company has over 100 million customers in almost 160 countries.

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TaraSubramaniam is a Dailynationtoday U.S. News Reporter based in London. His focus is on U.S. politics and the environment. He has covered climate change extensively, as well as healthcare and crime. TaraSubramaniam joined Dailynationtoday in 2023 from the Daily Express and previously worked for Chemist and Druggist and the Jewish Chronicle. He is a graduate of Cambridge University. Languages: English. You can get in touch with me by emailing:

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