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Crypto

Citigroup to launch tokenised deposit-based cross-border remittance service in Japan

Citigroup plans to launch a cross-border remittance service based on tokenised deposits for corporate clients in Japan within this year, Nikkei Asia reported on Tuesday. The service will support real-time foreign-currency transfers at night and on holidays, and process real-time cross-border payments between Japan and Citigroup entities in the United States, Britain, Singapore, Hong Kong and Ireland. Citigroup processes about $6 trillion in daily transactions, with about $1 billion a day in tokenised-deposit transfers.

Telecommunications & Media

DBS, Citi cut Singapore-New York transfers from 2 days to minutes

DBS and Citigroup processed their first live weekend transaction sending U.S. dollars from Singapore to New York, using tokenised deposits via the Swift digital ledger, reports said. The banks said the approach reduced cross-border settlement time from up to 2 business days to minutes by avoiding delays from weekends and time zones. No separate cryptocurrency was used. The banks are pitching the capability to corporates including e-commerce and digital services firms.

Crypto

Citi to launch bitcoin custody service, integrate with stock and bond platform

Citi will start offering bitcoin custody services for institutional clients within this year, Cryptopolitan reported. Citi said it plans to incorporate bitcoin into Custody+, the platform its Investor Services unit uses for traditional securities. Clients will be able to view and manage traditional holdings and bitcoin in one place. The bank said the service operates on a single framework shared by tokens and traditional securities and includes features such as real-time services and instant settlement.