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Citi Bank Abandons Plan for Native Crypto

18/03/2019 4:30pm

ADVFN Crypto NewsWire



 
 

Bitcoin Global News (BGN)

March 18, 2019 -- ADVFN Crypto NewsWire -- At one point, we might have effectively ended up with two JPM Coins. While nearly every crypto fanatic in existence is likely following JPMorgan Chase’s foray into crypto development, many might not be aware that Citi Bank was planning to do the same in the past.

Reportedly, all the way back in 2015, which may seem like an eternity to most people in this space, Citi Bank had been testing the waters related to  using a token to make payments around the world easier and more efficient.

At the end of what was apparently a closed pilot, Citi Bank went public with information to the effect that the use case for a blockchain-based token was not strong enough to warrant abandoning any existing frameworks in favor of it. They even doubled down in saying that they would be on board with more research being done with the SWIFT Network.

Still, they have not entirely abandoned the idea that the blockchain does present a real utility for traditional banks. With projects like CitiConnect, that aims to work on increasing the liquidity of the global private securities market, which includes making its’ transactions more cost efficient.

With this, JPM Coin, and other ventures like Bakkt in mind, it is clear that traditional financial institutions realize the blockchain’s power. However, since they seem to shy away from using it to help the average consumer, it is easy to argue that many of them want to keep that power locked up for the elite.

Knowing how Bitcoin and just about any reliable blockchain network works means knowing that even if this is true, such an approach will not last. If Bitcoin persists, it will become a global currency, in some sort of major context.

 

 

By: BGN Editorial Staff

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