Citi Experimenting With Bitcoin Technology For The Last Few Years!
Multinational banking giant Citigroup has been looking at Bitcoin's distributed ledger technology for "the last few years" and has amassed a skilled team, Ken Moore, Head of Citi Innovation Labs told IBTimes UK during a tech briefing. Moreover, Citi has constructed three blockchains and a test currency called Citicoin to flow through them; a framework parallel to Bitcoin and the blockchain. Moore confirms that these blockchains and Citicoin are well confined within the group's innovation labs and there is no real money involved as of yet. Since the technology developed by Citi is based on....
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Citigroup, Inc., better known as just ‘Citi,’ is the 3rd largest US bank by assets, and the 13th largest in the world. Founded in 1812 and headquartered in Manhattan, Citi was one of the primary dealers of US Treasury securities up until the 2008 financial crisis. The recession took a heavy toll on the bank, requiring a bailout from the US government to....
Citi first hinted at its blockchain ambitions 10 days ago when it revealed it had developed its own cryptocurrency following years of research in the space. The so-called 'Citicoin' project from the world's eighth largest bank is the latest sign that financial institutions are starting to take blockchain technology seriously. Expect to hear much more about Citi's plans for digital currencies and blockchain tech this September when key executives from the bank speak at Consensus 2015. "Blockchain technology not only has an opportunity to transform financial services but also extend far....
Banking giant Citigroup, has developed 3 blockchains and a test cryptocurrency dubbed 'Citicoin' to run across them. The bank wants to make sure it is "at the leading edge of [distributed ledger technology]" so it can "exploit the opportunities within it." According to Ken Moore, head of Citi Innovation Labs, Citi has been looking at blockchain technology for "the last few years" and has developed "an equivalent to bitcoin" within its labs while mining what it calls "Citicoin." "We have up and running three separate systems within Citi now that actually deploy blockchain distributed ledger....
International Business Times revealed that the global bank Citi is developing blockchains within the bank and test-coins to run across them. Ken Moore, head of Citi Innovation Labs, confirmed that the bank has been looking at distributed ledger technology for the last few years and has amassed a skilled team. They have built three blockchains and a test currency to run across them. Headquartered in Manhattan, Citi is an American multinational banking and financial services corporation. As of January 2015, it is the third-largest bank holding company in the United States by assets and has....
The United Kingdom, is often one of the friendlier places when it comes to Bitcoin legality, especially when compared to US regulation, such as the New York BitLicense. Citi, a global banking and financial corporation, recommended that the UK take its acceptance one step further with the creation of a UK cryptocurrency. In a document submitted by Citi to the British government, Citi noted the risks involved with digital currency. However, Citi also mentioned the untapped possibilities that digital currencies like Bitcoin can offer: