Even though the cryptocurrency markets note significant losses today, the underpinning technology remains of great interest. A Citi executive is confident that blockchain tech, especially that by Ethereum, will push digital finance to new levels.
Banks have shown a desire and need to be innovative in recent years.
Citi Taps Komgo and Ethereum’s Blockchain
Building more products and services catering to digital users is the number one priority these days.
To do so, tapping new technologies is equally crucial.
For Citi, that new technology comes in the form of the Ethereum blockchain.
More specifically, the bank shows an interest in Komgo.
For those unfamiliar, Komgo is building a decentralized platform for financing of commodity trades.
Under the hood, it runs on Quorum, an Ethereum-based platform.
By focusing on private and secure transactions in a P2P environment, Komgo is attracting a lot of attention.
Today, over 300 banks use Komgo for global payment solutions.
With Citi joining this group, further development and research of this technology can take place.
As digital banking becomes more popular, faster and cheaper financial access will be in high demand.
Those who gain a first-mover advantage in this segment will reap a lot of the rewards.
With blockchain technology, there are thousands of potential opportunities waiting to be explored.
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