Citigroup Inc. announced the launch of Citi Token Services. The new product converts customer deposits into digital tokens that can be sent instantly to anywhere in the world.
The service is provided by Citi’s Treasury and Trade Solutions division, which has so far been using the service to improve cash management and trade finance capabilities.
For Citigroup’s new products, the company will rely on a private blockchain owned and managed by the bank, the statement said. Customers do not need to set up their own digital wallets, but can access the service through the bank’s existing systems.