Citi Expands Blockchain Network to Japan and UAE
Citi is expanding its blockchain payment network to Japan and the United Arab Emirates. The bank's Citi Token Services will allow multinational clients in these countries to move money across borders outside of traditional banking hours.
Initially, transactions in Japan will be dollar-backed, while clients in the UAE will be able to move both dollars and euros. This expansion extends Citi's network into markets where many of its international clients already operate.
The bank's private blockchain platform now processes billions of dollars in transactions, moving tokenized commercial bank deposits in near real-time. With this latest addition, Citi Token Services will be available in seven markets, including the U.S., UK, Ireland, Hong Kong, Singapore, Japan, and the UAE.