Citigroup has become the first digital custodian for the BondbloX Bond Exchange (BBX), the global investment bank said.
The global investment bank also debuted a pilot program for turning customer deposits into digital tokens, according to a report.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Citigroup is expanding its digital asset services with a new custodian partnership and a pilot program for tokenized deposits.in a statement on Sept. 15.
"This proprietary digital custody technology is scalable and will allow us to provide settlement and custody services for clients investing in assets issued on permissioned blockchain networks," Citi Securities Services Head of Digital Assets Nadine Teychenne 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. Now, bonds are more easily accessible to everyone," BondbloX Co-Founder Dr. Rahul Banerjee said.
The product, named Citi Token Services, transforms customer deposits into digital tokens, enabling instantaneous global transfers, processed on blockchain-based payment rails, Bloomberg NewsThe pilot is a part of Citi's initiative to expand its digital asset offerings and address the needs of its institutional clients, including the provision of a 24/7 cross-border payment service with high liquidity.
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