News
Citi’s Ronit Ghose warned that paying interest on stablecoin holdings could trigger bank outflows akin to the 1980s, driving up funding costs and credit prices.
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Citi News
Citigroup is an American transnational financial services corporation established in 1812 and headquartered in New York. Citigroup is the fourth largest of the American banks and a systematically important bank for the U.S. and world economy. Citigroup’s revenue is currently more than $71.5 billion. Citibank is a part of Citigroup that specializes on consumer financial services. Some major Citibank branches are the American and Mexican branches, but Citi also has its branches in Russia, India, the UAE and some other countries. Citigroup’s blockchain research and development were some of the first in the banking and financial services sector. Citi and Nasdaq announced an agreement that implemented blockchain in global banking in May 2017. This agreement authorizes Citi to transfer funds into Nasdaq’s blockchain platform that is used for buying and selling shares of private companies.
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Citi is exploring cryptocurrency custody and payment services, with an initial focus on stablecoin-backed assets.
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Despite Trump’s pro-crypto stance, Unicoin CEO says US banks continue closing accounts for crypto firms under “Operation Chokepoint.”
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TradFi giants made 345 blockchain investments between 2020–2024, with G-SIBs leading 100+ deals across tokenization, custody and payments.
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JPMorgan, Citigroup and Bank of America are all in the early stages of stablecoin development.
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The victim of a $20 million crypto pig butchering scam has sued Citibank, alleging it ignored “red flags” and should have investigated suspicious activity.
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Companies linked to JPMorgan, Bank of America, Citigroup and Wells Fargo have discussed the possibility of jointly issuing a stablecoin, The Wall Street Journal reports.
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The “Oracle of Omaha” also exited Citigroup and slashed Berkshire’s Bank of America holdings, offloading more than $2.1 billion in financial stocks.
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Citi and SDX are teaming up to tokenize late-stage private shares, aiming to bring efficiency and access to the private markets sector.
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Analysts from Citi Group said a potential “crypto-friendly” administration and growing revenues are bullish catalysts for Coinbase shares.
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The partnership between significant banking giants in the U.S. and Mastercard aims to streamline multiple asset-class settlements on a shared ledger platform.
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Citi partnered with other traditional financial institutions to simulate operations. More development is needed.
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AVAX surged while other tokens plunged, with analysts pegging its outperformance on being relatively undervalued while forging new partnerships with JPMorgan and Citi.
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The latest initiatives by the Monetary Authority of Singapore aim to develop foundational capabilities to scale tokenized markets.
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This week’s Crypto Biz explores SVB Capital bids, new funds from Blockchain Capital, the Hut 8-US Bitcoin merger and Citigroup’s private blockchain.
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