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62CRYPTO

Citi and DBS complete weekend cross-border payment using tokenized deposits

⚡ Markets: This is a significant step in the institutional adoption of blockchain for core banking functions. If scaled, it could dramatically improve the efficiency of cross-border payments, challenging existing players like Ripple and benefiting firms involved in financial infrastructure innovation.SWIFTCitiDBS

Citigroup and DBS Bank successfully conducted a simulated cross-border transfer of tokenized deposits over a weekend, using a blockchain-based ledger concept from Swift. The test demonstrates a potential method for enabling 24/7 international payments, bypassing the time constraints of traditional banking systems.

West MSM: noneFinancial press 21 country
2 sources across the spectrum
Financial pressCointelegraph — Citi, DBS complete first weekend tokenized cross-border deposit on Swift
Financial pressThe Block — DBS, Citi say they completed first weekend USD payment between Singapore and US via tokenized deposits
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