Citigroup collaborates with SDX to launch blockchain stock tokenization services.

Gate.io News bot message, Citigroup (Citi) has announced a partnership with the Swiss securities exchange digital asset platform SDX (SIX Digital Exchange). The two parties plan to provide tokenization services for private stocks approaching IPO on SDX’s Blockchain custody platform.

According to the cooperation content, Citigroup will act as the accomplice and issuance agent. The project is scheduled to launch in the third quarter of 2024, with the initial service areas including Switzerland, Singapore, and other regions in Asia, but it will not be open to U.S. investors.

SDX uses R3 Corda technology to build a blockchain securities custody system, allowing investors to directly operate tokenized assets through existing bank accounts. Digital asset bank Sygnum and Singapore’s SBI Digital Markets have also joined the project, responsible for equity sourcing and integration service support.

Source: CoinDesk