Citigroup has launched the pilot of its Citi Token Services, a new platform aimed at bolstering cash management and trade finance mechanisms. The company announced in a press release that the service leverages blockchain and smart contract technologies to provide innovative digital asset solutions for institutional clients.
Citi Token Services will integrate tokenized deposits and smart contracts into Citi’s global network in an endeavor to upgrade its core cash management and trade finance capabilities. The services are designed to meet the need for ‘always-on’ programmable financial services and will provide cross-border payments, liquidity, and automated trade finance solutions around the clock.
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