Citi has developed three internal blockchains within the bank’s research labs and has been running test cryptocurrencies across them, according to the UK’s International Business Times.
The head of the bank’s Citi Innovation Labs, Ken Moore, told the IBTimes:
We have up and running three separate systems within Citi now that actually deploy blockchain distributed ledger technologies. They are all within the labs just now so there is no real money passing through these systems yet, they are at a pre-production level to be clear.
We also have an equivalent to bitcoin up and running, again within the labs, so we can mine what we call a ‘Citicoin’, for want of a better term. It’s in the labs, but it’s to make sure we are at the leading edge of this technology and that we can exploit the opportunities within it.
Citi has apparently been examining distributed ledger technology for several years and has put together an experience blockchain technology team.
The banking giant is researching opportunities to use blockchain technology to eliminate counterparty risk and transfer money across international borders, between multiple banks, using its own proprietary network.
Citi is liaising with governments to forecast the ascension of a dominant global blockchain distributed ledger network or the prospect of developing a state-backed digital currency in various countries.