Citibank Is Working On Its Own Digital Currency, Citicoin

TechCrunch

In a move that should be of no surprise to anyone familiar with the space, Citibank has admitted to running a test platform for digital currencies and is pondering its own solution, CitiCoin.

According to the International Business Times, Citigroup has built its own digital currency based on bitcoin and the blockchain. This, in itself, isn’t very difficult – anyone can create a cryptocurrency in a few seconds with a bit of programming knowledge. But the fact that Citibank, at least in its R&D arm, is looking into the technology is promising.

The IBT quoted Kenneth Moore, head of Citigroup Innovations Lab:

Moore said: “We have up and running three separate systems withinCiti now that actually deployblockchain distributed ledger technologies. They are all within the labs just now so there is no real money passing through these systems yet, they are at a pre-production level to be clear.”We also…

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