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Citigroup has successfully completed a trial testing the potential for tokenizing a private equity fund using blockchain.
In collaboration with Wellington Management and WisdomTree, Citigroup told <a href="https://www.bloomberg.com/news/articles/2024-02-14/citi-explores-private-fund-tokenization-in-latest-blockchain-bet?utm_source=telegram&amp;utm_content=crypto&amp;utm_medium=social" target="_blank" rel="noopener noreferrer nofollow">Bloomberg</a> that it has proven the feasibility of issuing and safely managing tokenized private equity funds for clients within a regulated framework, ensuring compatibility with the bank’s current systems.
You might also like: <a href="https://crypto.news/spot-bitcoin-etfs-hit-record-daily-net-inflows-of-631m/" rel="noopener noreferrer nofollow"> Spot Bitcoin ETFs hit record daily net inflows of $631m </a>
Citigroup, along with other financial giants such as JPMorgan Chase &amp; Co., have been investigating the potential of <a href="https://crypto.news/blockchain-ids-decentralized-identity-vone-redefines-digital-communication/" rel="noopener noreferrer nofollow">blockchain</a> to modernize and improve its operational infrastructure, attracted by the technology’s promise of enhanced transparency and immediate transaction settlements.
The outcomes of this proof of concept will guide Citigroup in deciding on introducing new services in this domain, with strategic decisions expected shortly.
This initiative is part of Citigroup’s broader efforts to embrace digital assets, evidenced by the launch of a service in September that converts customer deposits into tokens for global transactions.
The development occurs as the banking industry shows a renewed interest in the crypto market, spurred by the approval of <a href="https://crypto.news/spot-bitcoin-etfs-hit-record-daily-net-inflows-of-631m/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> and a surge in <a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> prices, reaching its highest peak in over two years.&nbsp;
Read more: <a href="https://crypto.news/binance-integrates-new-dapps-web3-wallet/" rel="noopener noreferrer nofollow"> Binance integrates 24 new dapps into its web3 wallet </a>
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Citigroup succeeds in blockchain equity tokenization trial

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