A Citibank branch in New York on January 12, 2023.
Citigroup Inc. debuted a token service that's part of a broader push to offer digital assets to institutional clients.
The product—known as Citi Token Services—will transform customers' deposits into digital tokens that can be sent instantly anywhere in the world, according to a statement Monday. The service is housed in the firm's treasury and trade solutions division, which has so far focused on using it to improve cash management and trade finance capabilities.
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