Citi Won't Issue Own Coin

According to the original idea, Citicoin could simplify the process of international payments; but  the initial tests forced the bank to abandon this idea
18 March 2019   255

International financial conglomerate Citigroup is not going to release its own cryptocurrency token, CoinDesk reports.

The question of creating such a tool in the banking group was raised in 2015. However, it was decided that the existing technological solutions are more efficient, which makes it more expedient to allocate resources for their further development, rather than for new research related to cryptocurrency. Despite some discussions about this in the past, the company has never officially announced the creation of Citicoin and has not demonstrated its experimental samples.

According to the original idea, Citicoin could simplify the process of international payments. Gulru Atak, Citi's head of innovation in storage and trade, said that the initial tests forced the bank to abandon this idea.

Citi, however, continues to work with financial technology. 

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

Innovation lab chief, Citi 

As an example of Citi’s blockchain project, Attack mentioned the CitiConnect system, which focuses on working with non-issuable securities.

[CitiConnect] didn’t issue stablecoins but the infrastructure that was used was similar to issuing coins on a blockchain platform,” Atak  said. “But it was purely to integrate into a blockchain-enabled system on our client’s end and make it connect to our legacy payment processes real-time.
 

Gulru Atak

Innovation lab chief, Citi 

In mid-February, it became known about the release of JPMorgan's own stablebcoin bank.

South Koreans to Invest in Crypto Actively

In addition to the investment amounts, the share of those interested in investing in digital assets also increased
22 April 2019   80

The average amount of investments in cryptocurrency from South Korean invesetprs is $ 6,100, which is 64% more than last year, Cointelegraph reports.

According to a survey conducted by the Korean Fund for the Protection of Portfolio Investors, in addition to the investment amounts, the percentage of those interested in investing in digital assets also increased. Thus, 7.4% of the 2500 respondents have already acquired cryptocurrency (last year there were 6.4% of those). It is noteworthy that this figure has increased, despite several major break-ins of the South Korean crypto exchange, as well as tougher regulation of the industry.

Analysts connect the market with a recent bitcoin price jump and hope for a new bull rally.

Recall recently it became known that 94% of trust capital funds invest in cryptocurrency.