Citi, one of the world's leading financial institutions, has announced the expansion of its digital asset services.
Citi Expands Into Digital Asset Services
Citi, one of the world's leading financial institutions, has announced the expansion of its digital asset services. The move is part of Citi's ongoing efforts to embrace emerging technologies and provide innovative solutions for its institutional clients.
Citigroup is expanding its digital asset offerings by partnering with BondbloX Bond Exchange and launching a tokenized deposit trial programme. Citigroup will provide settlement and custody services for clients trading fractionalized bond tokens on BondbloX as the exchange's first digital custodian.
Launched in 2020, BondbloX, which is licenced by the Monetary Authority of Singapore, makes bond trading more accessible to investors by allowing users to trade bonds online and fractionalizing full-sized bonds.
CEO and Co-Founder of BondbloX, Dr. Rahul Banerjee, said:
“This partnership will enable Citi’s clients and others to enjoy the full benefits of bond trading, coupled with Citi’s securities services support, almost immediately. Digital Custody is the next big step in the transformation of the bond market, making bond markets more transparent, electronic and accessible to all.”
With $27.8 trillion in assets under custody, Citi's tokenized bond trading service is a significant development in the financial industry, as it enables investors to trade bonds in a more efficient and transparent manner. The integration of tokenized deposits and smart contracts into Citi's global network also upgrades its core cash management and trade capabilities.
Furthermore, Citigroup's Citi Token Services pilot programme will transform customer deposits into digital tokens utilizing a private blockchain owned and controlled by Citi, providing rapid global transfers and 24/7 cross-border payment services with high liquidity for institutional clients.
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