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News Explorer — Citigroup Will Let Rich Clients Use Private Blockchain to Transfer Assets

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Sep 18, 5:15 pm
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Citigroup Will Let Rich Clients Use Private Blockchain to Transfer Assets

Citigroup has launched Citi Token Services, a digital token service for institutions that uses blockchain and smart contract technology. The service aims to streamline large transactions by digitizing bank guarantees and letters of credit in the trade finance ecosystem. Citi worked with Maersk on a pilot in the shipping industry, which reduced transaction processing times from days to minutes.

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