Pilot cryptocurrency token testing forced Citigroup to ditch the plans to launch its own crypto coin, Coindesk reports, citing Gulru Atak, bank’s global head of innovation for treasury and trade solutions. The top management of the bank studied the results of the tests and concluded that the existing technological solutions provided by SWIFT exceed the digital token capabilities in cross-border settlements. According to Atak, the bank is focused on using effective methods with quick impact to improve cross-border payments. They want to see the changes today rather than invest time and efforts into future technology. This decision comes after two major banks announced the development of their proprietary stablecoins. Thus, JP Morgan will have its JPM Coin, available only for banks customers and used to facilitated bank’s cross-morder transactions. Mizuho Bank is looking into yen-pegged stablecoin. It is worth mentioning that Citibank started to think about cryptocurrency back in 2015; however, the bank has never officially announced the creation of Citicoin and never presented demo samples. In September 2018 Citigroup announced the plans to issue the receipts on digital assets that will allow the bank’s clients to trade cryptocurrencies without actually owning them. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Italy’s Di Maio: Opposition to China deal hurts Italy companies – Corriere FX Street 4 years Pilot cryptocurrency token testing forced Citigroup to ditch the plans to launch its own crypto coin, Coindesk reports, citing Gulru Atak, bank's global head of innovation for treasury and trade solutions. The top management of the bank studied the results of the tests and concluded that the existing technological solutions provided by SWIFT exceed the digital token capabilities in cross-border settlements. According to Atak, the bank is focused on using effective methods with quick impact to improve cross-border payments. They want to see the changes today rather than invest time and efforts into future technology. This decision comes after two… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
