Citigroup succeeds in blockchain equity tokenization trial

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Citigroup has efficiently accomplished a trial testing the potential for tokenizing a non-public fairness fund utilizing blockchain.

In collaboration with Wellington Administration and WisdomTree, Citigroup instructed Bloomberg that it has confirmed the feasibility of issuing and safely managing tokenized non-public fairness funds for purchasers inside a regulated framework, making certain compatibility with the financial institution’s present programs.

Citigroup, together with different monetary giants corresponding to JPMorgan Chase & Co., have been investigating the potential of blockchain to modernize and enhance its operational infrastructure, attracted by the expertise’s promise of enhanced transparency and rapid transaction settlements.

The outcomes of this proof of idea will information Citigroup in deciding on introducing new providers on this area, with strategic selections anticipated shortly.

This initiative is a part of Citigroup’s broader efforts to embrace digital property, evidenced by the launch of a service in September that converts buyer deposits into tokens for international transactions.

The event happens because the banking business reveals a renewed curiosity within the crypto market, spurred by the approval of Bitcoin ETFs and a surge in Bitcoin costs, reaching its highest peak in over two years. 


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