Citigroup Debuts Token Service in Latest Foray Into Digital Assets
- New offering turns customer deposits into digital tokens
- Pilot program focuses on trade finance, cash management
Signage outside a Citibank branch in New York.
Photographer: Stephanie Keith/BloombergThis article is for subscribers only.
Citigroup Inc. debuted a token service that’s part of a broader push to offer digital assets to institutional clients.
The product — known as Citi Token Services — will transform customers’ deposits into digital tokens that can be sent instantly anywhere in the world, according to a statement Monday. The service is housed in the firm’s treasury and trade solutions division, which has so far focused on using it to improve cash-management and trade-finance capabilities.