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Does the Blockchain Race Go Only to the Swiftest?

October 25, 2024 | 1 minutes reading time | By Michael Shashoua

Admittedly “a little late,” Citi has racked up some firsts and is building on the foundation of its integrated digital-assets platform.

Some of the biggest names in banking have spent years dipping toes, if not diving headlong, into the blockchain race. JPMorgan, HSBC and Société Générale, to name three, have stood out with brand-name platforms Onyx, Orion and Forge, respectively. Asset-servicing leaders BNY, State Street and Northern Trust, the last with Matrix Zenith, are pushing into the digital-asset realm.

Citi, the fourth-largest U.S. banking organization and historically a new-technology early adopter, may be demonstrating that a second-mover strategy can also be a winning one.

In September 2023, Citi Treasury and Trade Solutions announced the creation and piloting of Citi Token Services, introducing the tokenization of deposits and smart contracts for institutional customers in cash management and trade finance.

By July this year, with Citi Digital Assets and Citi Innovation Labs “leading the charge,” the Citi Integrated Digital Assets Platform (CIDAP) was launched, listing such use cases as Citi Token Services for Cash, Citi Token Services for Trade Pilot, Private Fund Tokenization Proof of Concept, and, with BondbloX Bond Exchange, the first digital...

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