Introduction: Citi unveils the Citi Integrated Digital Assets Platform (CIDAP) to leverage blockchain technology, offering secure, efficient, and innovative digital asset solutions.
Digital Transformation:
- Blockchain Technology: Utilizes blockchain for tokenization of financial instruments, enhancing efficiency, and unlocking new features.
- Leadership: Citi Digital Assets teams and Citi Innovation Labs collaborate with clients to develop blockchain-based solutions.
Key Components of CIDAP:
- Internal Blockchain: Allows issuance and utilization of tokens in a controlled environment.
- Digital Assets Custody: Supports custody of tokenized traditional assets.
- Platform Management Services: Provides robust services for effective digital asset management.
- User-Friendly Interface: Offers a single portal for seamless access to all services.
- Open-Source and Extensible: Built on open-source components, designed to be blockchain agnostic, currently using Hyperledger Besu with potential for multi-blockchain integration.
Practical Use Cases:
- Citi Token Services for Cash: Enables real-time, 24/7 instant payments via interbranch tokenized deposits, enhancing liquidity management.
- Citi Token Services for Trade Pilot: Uses smart contracts for automating conditional payments, streamlining trade processes, and reducing transaction times.
- BondbloX Bond Exchange: Citi offers digital custody and settlement services for this blockchain-based fractional bond exchange.
- Private Fund Tokenization Proof of Concept: Demonstrates improved distribution of private funds and embedded compliance rules through tokenization, unlocking new capabilities and efficiencies.