U.S. banking elephantine Citigroup (C) has started a tokenization work for currency absorption and commercialized concern for organization clients utilizing blockchain exertion and astute contracts, the slope said Monday.
The astute contracts service the aforesaid intent arsenic slope guarantees and letters of credit, the slope said.
In a pilot, the slope worked with shipping institution Maersk and a canal authorization to effort and expedite the processes, which are mostly lengthy and arduous owing to the paperwork and manual processes involved.
"Institutional clients person a request for ‘always-on,’ programmable fiscal services and Citi Token Services volition supply cross-border payments, liquidity and automated commercialized concern solutions connected a 24/7 basis," the slope said.
In a March 2023 report, Citi forecast that tokenization of integer securities would beryllium a $4 trillion-$5 trillion marketplace by 2030.
Edited by Sheldon Reback.