JPMorgan, Citi Expand Tokenized Deposit Services for Institutional Clients

Global banks JPMorgan and Citigroup are expanding blockchain-based tokenized deposit and payment systems, but these services remain primarily geared toward institutional clients and licensed networks, according to CoinDesk. JPMorgan's Kinexys blockchain platform has processed over $3 trillion in cumulative transactions, while Citi Token Services handles daily cross-border payments worth billions of dollars. Meanwhile, UK-based Challenger Bank Monument Bank is exploring tokenized deposits for retail customers using privacy-focused blockchain Midnight, aiming to tokenize up to £250 million ($335 million) in retail deposits.