Introducing Citi Integrated Digital Assets Platform (CIDAP): Driving Innovation and Building Solutions with Blockchain

In today's rapidly evolving financial landscape, digital innovation isn't just something banks need to do, it's crucial for our continued ability to offer clients cutting-edge solutions. With the launch of the Citi Integrated Digital Assets Platform (CIDAP), Citi is leveraging blockchain technology enabled capabilities to develop secure, efficient, and innovative digital asset solutions through a single integrated platform in line with our governance and risk appetite.

Driving Digital Transformation

The platform utilizes blockchain as it has emerged as a potentially game-changing technology in the financial sector, enabling capabilities such as the tokenization of financial instruments, enhancing efficiency and unlocking new features. Citi Digital Assets teams and Citi Innovation Labs are leading the charge, collaborating with clients to develop and implement blockchain-based solutions that address their needs.

Key Components of CIDAP

CIDAP is designed to facilitate a variety of digital asset use cases in a secure and cohesive manner while uniquely covering a broad spectrum of functionality.

Its key components include:

• Internal Blockchain: Enables the issuance and utilization of tokens within a controlled environment.

• Digital Assets Custody: Supports custody of traditional assets that have been tokenized externally.

• Comprehensive Platform Management Services: Offers a robust set of services to manage digital assets effectively.
• User-Friendly Interface: Features a single portal for seamless access to all platform services.

CIDAP is built on open-source components and designed to be blockchain agnostic with extensibility in mind. While the platform currently uses Hyperledger Besu, it could potentially integrate with multiple blockchain protocols. By potentially enabling connectivity to both our internal blockchain network as well as external blockchain networks and third-party systems, the platform may potentially provide versatile capabilities to our clients and access to multiple digital networks.

Practical Use Cases Demonstrating CIDAP's Value

CIDAP's potential is highlighted through several practical use cases:

1. Citi Token Services for Cash: This initiative uses interbranch tokenized deposits to enable real-time, 24/7 instant payments which may enhance liquidity management capabilities.
2. Citi Token Services for Trade Pilot: Smart contracts automating conditional payments for services in a canal ecosystem, aiming to streamline trade processes and reduce transaction processing times.
3. BondbloX Bond Exchange: Citi became the first to offer digital custody and settlement services to clients participating in this blockchain-based fractional bond exchange.
4. Private Fund Tokenization Proof of Concept: Collaborating with a few key clients, Citi showcased how tokenization could improve the distribution of private funds and embed compliance rules directly into the tokens, which could unlock new capabilities and efficiencies.

Strategic Vision and Future Prospects

CIDAP is not just a platform; it is a core part of Citi's digital asset strategy. As clients' needs evolve, CIDAP is designed to adapt and incorporate new capabilities continuously. Citi continues to develop products and services in digital money, trade, securities, custody, and asset servicing. As the financial industry continues to embrace digital transformation, CIDAP stands ready to unlock new possibilities, drive innovation, and deliver value to Citi's clients.

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