Close to the heels of BNP Paribas’ acknowledgment of Bitcoin and Blockchain’s potential for causing disruption in various markets, especially the fintech sector, we are now hearing about another financial giant planning to use digital currency for its operations. The New York City based financial giant, Citigroup has recently made it public that the corporation is working on its own digital currency. Named Citicoin, the new digital currency is based on Bitcoin technology and Citigroup has plans of using it for easier, faster and more economical cross border money transfer applications.
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The research and design arm at Citigroup known as Citi Innovation has been instrumental in development of Citicoin. Currently in early testing phase, the Citicoin uses core Blockchain technology for maintaining records of all transactions (just like Bitcoin). Citigroup’s foray into digital currency is not a quick decision. According to Citigroup, they have been keeping their eyes on distributed ledger technology (Blockchain technology) for few years now. They have already developed three Blockchain versions which are now being used to test the new Citicoin.
Bitcoin has definitely grown big enough to be noticed by everyone