Citigroup Will Let Rich Clients Use Private Blockchain to Transfer Assets

Citigroup Will Let Rich Clients Use Private Blockchain to Transfer Assets

Investment banking giant Citigroup today announced the launch of a digital token service for institutions.

The Citi Token Services product uses blockchain and smart contract technology to allow its institutional clients to send money across borders quickly, Citi said Monday. The technology will use a private blockchain—not a public one like Bitcoin or Ethereum.

It added that Citi Token Services will provide automated trade finance solutions on a 24/7 basis.