Citigroup abandons plans to launch a cryptocurrency
|- “…we are considering the fintechs as well or the regulators around the world as well, including SWIFT,” Gulru Atak.
- Citigroup had intended to leverage the blockchain technology and issue a digital token.
Citigroup is reported to have shelved on its plan to issue a blockchain-based crypto token. According to a report published by CoinDesk, the firm’s chief of innovation lab and global head of innovation for treasury and trade solutions Gulru Atak says that while the blockchain technology possesses the potential to revolutionize industries, there is a lot of other alternatives that are suitable for the fintech sector.
Atak told CoinDesk:
“Based on our learnings from that experiment we actually decided to make meaningful improvements in the existing rails by leveraging the payments ecosystem and within that ecosystem, we are considering the fintechs as well or the regulators around the world as well, including SWIFT.”
Wall Street’s guru journey in the blockchain industry started back in 2015. Citigroup intended to leverage the blockchain technology and issue a digital token that would help the firm streamline its services. It should also be noted that the bank did not at any moment announce its official involvement with the blockchain technology.
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