Citi launches token service to convert customer deposits into digital tokens for transfers

Odaily Planet Daily News Citigroup Inc. announced the launch of token service "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 the new product, the company will rely on a private blockchain it owns and manages; customers will not need to set up their own digital wallets, but will be able to access the service through the bank's existing systems, the statement said. Citi has partnered with a canal authority and Maersk, one of the world's largest shipping companies, to test the new service. The pilot project demonstrates that banks can instantly transfer tokenized deposits to providers based on smart contracts. (Bloomberg)