Citigroup is no longer interested in launching its own cryptocurrency. The news appeared with a CoinDesk release.
Although in the past Citigroup had declared an explicit intention to exploit blockchain technology for the issuance of a digital token, it seems today that the institution has for the moment set aside its plan to issue a cryptographic token.
According to a report published by CoinDesk, the company's innovation lab manager and global innovation manager for treasury and commercial solutions, Gulru Atak, would have stated that while blockchain technology has the potential to revolutionize financial industries (and not only), in reality there would also be many other alternatives suitable for the sector fintech.
Indeed, Atak told CoinDesk that on the basis of the lessons learned from the experiments carried out, it was decided to make significant improvements to existing technologies, taking advantage of the payment ecosystem and within that cryptocurrency ecosystem.
We recall that Citigroup started its journey in the blockchain industry already 3 years ago, with the intention of exploiting blockchain technology and issuing a digital token that would help the company optimize its services. It should also be noted that however Citigroup has never announced its official involvement in the improvement of blockchain technology, but only the evaluation of its use.
