Citi Turns To Digital Asset Space To Improve Cash Management, Trade Finance
Portfolio Pulse from Khyathi Dalal
Citigroup Inc (NYSE:C) has launched Citi Token Services, a digital asset solution using blockchain and smart contract technologies for better cash management and trade finance. The service will convert customer deposits into digital tokens which can be transferred globally. The bank will depend on a private blockchain owned and managed by the bank. This follows similar moves by Deutsche Bank (NYSE:DB) and HSBC (NYSE:HSBC) who recently partnered with other companies for digital asset custody. JPMorgan Chase & Co (NYSE:JPM) is also developing a blockchain-based digital deposit token.
September 18, 2023 | 7:14 pm
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POSITIVE IMPACT
Citigroup has launched a digital asset solution, Citi Token Services, which could enhance its cash management and trade finance capabilities.
The launch of Citi Token Services could potentially improve Citigroup's cash management and trade finance capabilities, making it more attractive to investors. This could have a positive impact on the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Deutsche Bank recently partnered with other companies for digital asset custody, indicating its move into the digital asset space.
While Deutsche Bank's move into the digital asset space could potentially improve its services and attract more customers, the impact on its stock price in the short term is uncertain as the news is not directly about Deutsche Bank.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
HSBC recently partnered with other companies for digital asset custody, indicating its move into the digital asset space.
While HSBC's move into the digital asset space could potentially improve its services and attract more customers, the impact on its stock price in the short term is uncertain as the news is not directly about HSBC.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
JPMorgan Chase & Co is developing a blockchain-based digital deposit token for enhancing international transaction settlements.
While JPMorgan's development of a blockchain-based digital deposit token could potentially improve its services and attract more customers, the impact on its stock price in the short term is uncertain as the news is not directly about JPMorgan.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50