Unlike their rival JP Morgan, Citibank has decided against rolling out its own cryptocurrency, media reported earlier this week. The so-called “Citicoin” was under development in CIti’s innovative hub in Dublin, however the company opted for further investing in development of the existing technology, such as SWIFT platform. The SWIFT platform is currently used by 11,000 registered users and it moves around $200 billion a day.
“Based on our learnings from that experiment we actually decided to make meaningful improvements in the existing rails by leveraging the payments ecosystem and within that ecosystem, we are considering the fintechs as well or the regulators around the world as well, including SWIFT,” Gulru Atak, Citi’s current innovation lab chief.
As in the case of JP Morgan, Citi intended to use Citicoin to facilitate cross-border payments. Last month, JP Morgan announced plans to launch JPM Coin, their own digital currency to be deployed for international payments for large corporate clients.