Does Citigroup have a digital asset division?

REUTERS/Robert Galbraith/File Photo Acquire Licensing Rights Nov 23 (Reuters) - Citigroup (C.N) is looking to create 100 roles focused on digital assets including blockchain and digital currencies at its institutional division, the U.S. bank said on Tuesday.

What is Citigroup tokenization & how does it work?

U.S. banking giant Citigroup (C) has started a tokenization service for cash management and trade finance for institutional clients using blockchain technology and smart contracts, the bank said Monday. The smart contracts serve the same purpose as bank guarantees and letters of credit, the bank said.

How does Citigroup's New offering work?

For Citigroup’s new offering, the company will rely on a private blockchain owned and managed by the bank, according to the statement. Clients won’t need to set up their own digital wallet and will instead be able to access the service through the bank’s existing systems.

What is Citi's blockchain project & how does it work?

Citi ran a pilot project that utilized blockchain technology to provide buyers and sellers with a digital process for instant payment capabilities in an effort to reduce transaction processing times from days to minutes.