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Citi presents its integrated digital asset platform CIDAP – Ledger Insights
During today’s Citi Digital Money Symposium, the bank unveiled its new Citi Integrated Digital Assets Platform (CIDAP) to serve the entire group. Quote is involved in various digital currency and tokenization projects.
Altin Hoxha, who heads the platform, said it aims to “enable rapid adoption of innovation and innovation that complies with all these regulatory regimes around the world.”
Last year Citi launched its tokenized deposit solution, Citi Token Services, with a cash solution for corporate treasury management and a trade solution. The cash side is active in the US and Singapore, allowing businesses to move money 24/7. On the business side, it is experimenting with tokenized collateral with Maersk.
Regarding interbank tokenized deposit payments, Citi’s Tony Mclaughlin first floated the idea of Regulated accountability network (RLN). It is currently being tested in UK and in the United States, although its name has evolved into Regulated settlement network (RSN) in the United States.
This is just the cash side. The need for a platform-based solution becomes clearer when you start to see the range of initiatives Citi is involved in.
Citi was one of the first digital asset custody providers when it began supporting in 2021 BondbloX, Singapore’s tokenized fractional bond solution. Also in Singapore the bank is experimenting with public blockchain Currency exchanges as part of the Guardian Project.
Using similar technology, it revealed in February that it was involved in a proof of concept for the tokenization of private funds together with Wellington Management, WisdomTree, ABN Amro and DTCC Digital Assets.
On the institutional front he is a supporter of the DLT collateral mobility network HQLAᵡ. Last year it integrated with Synapses, the smart contract platform used to settle securities between Hong Kong and China. Furthermore, he moved on Versanathe smart contract solution for syndicated loans.
The CIDAP platform
While the CIDAP platform is underpinned by internal blockchain networks, it is designed to integrate with external DLTs and other solutions. The multi-tier platform has platform services to support off-chain processing and an administrative user interface for configuration.
Although Citi uses the permissioned version of Ethereum’s Hyperledger Besu, Hoxha emphasized that the goal is to be technology agnostic so it can support Ethereum and non-Ethereum blockchains. As a Besu user, Citi recently joined Hyperledger Financial Services Working Group.