Citigroup Inc. has introduced Citi Token Services
This service will convert customers’ deposits into digital tokens, enabling instant global transactions as part of its broader strategy to offer digital assets to institutional clients.
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Citi Token Services resides within the firm’s treasury and trade solutions division, initially aimed at enhancing cash management and trade finance capabilities.
Shahmir Khaliq, the global head of the company’s services division, emphasized that this move aligns with their goal to provide real-time, next-generation transaction banking services to institutional clients.
This mirrors a trend where major banks offer “tokenized deposits,” digital coins backed by banks on blockchains for instant settlement.
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