TL;DR
-
The bigwigs at Citigroup finally had the epiphany needed to create an “always-on” blockchain-based payment service, that’s available 24/7.
-
Citigroup has developed its own private blockchain (owned and managed by the bank, so it can leverage crypto, without giving up too much control) that transforms customers’ deposits into ‘Citi Tokens.’
-
And the cherry on top? Clients won’t need to set up their own digital wallet! Instead, they’ll be able to access the service through the bank’s existing systems.
Full Story
Remember when banks used to laugh at crypto, saying it would never replace the traditional financial system?
To that we say:
“Well, well, well, look whose customers got tired of waiting an entire weekend for their wire transfers to clear.”
Here’s what we’re on about…
The bigwigs at Citigroup finally had the epiphany needed to create an “always-on” blockchain-based payment service, that’s available 24/7.
(Your favorite late-night pizza place can operate around the clock, why can’t your bank?).
Citigroup has developed its own private blockchain (owned and managed by the bank, so it can leverage crypto, without giving up too much control) that transforms customers’ deposits into ‘Citi Tokens.’
These tokens serve the same purpose as bank guarantees and letters of credit in the traditional financial system.
And the cherry on top?
Clients won’t need to set up their own digital wallet! Instead, they’ll be able to access the service through the bank’s existing systems.
Watching traditional financial companies enter crypto is kind of like watching your dad try to skateboard – awkward, but you secretly hope he nails it.
(Because each entry brings us one step closer to mass adoption).
