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Citibank abandons its native crypto project; plans to back SWIFT




Citibank to not move ahead with its native crypto, instead plans to back instruments like SWIFT
Source: Unsplash

Citibank, instead of joining the bandwagon of institutional giants like JP Morgan in creating its own digital asset, has abandoned its native cryptocurrency project. The financial service provider is instead, considering to back existing fintechs or regulators, like SWIFT.

Gulru Atak, the Global Head of the company, said that they were planning to enhance the existing financial system.

The bank’s stablecoin, dubbed ‘Citicoin,’ was never launched, but would have resembled the functionality of the recently announced JPM Coin. Hatched in Citigroup’s innovation lab in Dublin, the bank-backed virtual asset was designed to enhance the efficiency of global payment process for the company.

Further, Citibank plans on taking strong measures to increase the efficiency of the existing cross-border payment ecosystem. The Global Head asserted that strengthening SWIFT, which already had 10k financial institutions across the world under its hood, and has been executing cross border remittances, would be a better bet than creating something new.

She further said that the company, with its collaboration with NASDAQ and CitiConnect, wanted to integrate blockchain technology into the legacy banking system.

It can thus be concluded that Citibank is not yet ready to make a venture into the cryptospace. Citigroup would, however, continue to leverage blockchain technology in finance.

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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.


Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand



Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,

“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”

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