Citigroup launches a token service for institutional clients

U.S. banking giant Citigroup unveiled a tokenization service for cash management and trade finance for institutional clients.

Citi is tapping blockchain technology and smart contracts to serve the same purpose as bank guarantees and letters of credit.

The U.S banking giant worked with shipping company Maersk and a canal authority to try and expedite the processes of launching a pilot for the service.

Citi claims its token services will provide cross-border payments, liquidity and automated trade finance solutions on a 24/7 basis.

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