TL; DR
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Citigroup’s leaders finally had the epiphany needed to create an ‘always-on’, blockchain-based payment service, available 24/7.
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Citigroup has developed its own private blockchain (owned and operated by the bank, so it can leverage crypto, without giving up too much control) that converts customer deposits into ‘Citi Tokens’.
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And the icing on the cake? Customers don’t have to set up their own digital wallet! Instead, they access the service through the bank’s existing systems.
Full story
Remember when banks laughed at crypto and said it would never replace the traditional financial system?
To that we say:
“Well, well, well, look whose customers were tired of waiting an entire weekend for their transfers to be processed.”
This is what we are talking about…
Citigroup’s leaders finally had the epiphany needed to create an ‘always-on’, blockchain-based payment service, available 24/7.
(Your favorite late-night pizzeria is open 24 hours a day, why not your bank?).
Citigroup has developed its own private blockchain (owned and operated by the bank, so it can leverage crypto, without giving up too much control) that converts customer deposits into ‘Citi Tokens’.
These tokens serve the same purpose as bank guarantees and letters of credit in the traditional financial system.
And the icing on the cake?
Customers don’t have to set up their own digital wallet! Instead, they access the service through the bank’s existing systems.
Watching traditional financial companies enter crypto is like watching your dad try to skateboard – awkward, but you secretly hope he can pull it off.
(Because every entry brings us one step closer to mass adoption).