THELOGICALINDIAN - Multinational cyberbanking behemothic Citigroup has been attractive at Bitcoins broadcast balance technology for the aftermost few years and has accumulated a accomplished aggregation Ken Moore Head of Citi Innovation Labs told IBTimes UK during a tech briefing
Moreover, Citi has complete three blockchains and a analysis bill alleged Citicoin to breeze through them; a framework alongside to Bitcoin and the blockchain.
Moore confirms that these blockchains and Citicoin are able-bodied bedfast aural the group’s addition labs and there is no absolute money complex as of yet.
Since the technology developed by Citi is based on open-source Bitcoin technology, it has banned to book a patent.
Understanding the absolute transformations that the Bitcoin technology can accompany about, Citi is talking to governments discussing “an all-embracing blockchain balance network” or alike “the befalling to actualize a state-backed agenda bill in a cardinal of altered countries.”
Similar to added arch banks such as Barclays, Citi has started allotment able banking technology companies. It is currently acerb absorption on four or bristles companies, but the cardinal may cool in the approaching as the behemoth increases its basic bang into blockchain ventures.
Citi’s Kenya Connection
In accession to architecture blockchains and creating its own lab bill Citicoin, the banking behemothic is administering adaptable affairs in Kenya in an accomplishment to serve the abundantly unbanked population.
Managing Director at Payments and Receivables EMEA, Ireti Samuel-Ogbu said Citigroup’s accord with Kenya’s arch adaptable arrangement abettor Safaricom enables adaptable banking.
Samuel adds: “The botheration in Kenya was that multinationals and NGOs bare to accomplish payments in alien locations and the alone agency of accomplishing that was cash. We were able to accomplice with Safaricom to accredit us with our cyberbanking belvedere to accomplish an cyberbanking funds alteration – which is accustomed for a cyberbanking belvedere – but to additionally accredit acquittal into a adaptable phone.”
