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Citigroup launches digital token to streamline cross-border transactions

Citigroup has introduced a digital token service named "Citi Token Services" to provide instantaneous global transfers, marking a major step into the digital asset space for institutional clients. The service, part of the bank's treasury and trade solutions division, transforms clients' deposits into digital tokens which can be sent globally in real-time. It operates on a private blockchain managed by Citigroup, eliminating the need for clients to establish individual digital wallets. This initiative tackles the delays often encountered in international money transfers due to varying banking systems and global time zones. Following successful participation in a test of a Regulated Liability Network with the Federal Reserve Bank of New York, Citigroup's latest offering looks to reduce service gaps and align with other industry innovations, like JPMorgan Chase's exploration of a blockchain-based token system.

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