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Citi Tokenizes Bill of Exchange on Solana Blockchain

Citi has tokenized a bill of exchange on Solana, executing its full lifecycle from issuance to settlement, marking a significant step in blockchain adoption for trade finance.

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Summary

Citi announced the successful tokenization of a bill of exchange on the Solana blockchain, completing its entire lifecycle from issuance to settlement. This development, announced on February 12, builds on earlier proof-of-concept efforts with PwC, advancing blockchain's role in trade finance.

Terms & Concepts
  • Tokenized bills of exchange: Traditional trade finance instruments issued as blockchain-based tokens to enable faster, more transparent, and programmable settlement.
  • Proof-of-concept: A pilot project designed to test the feasibility of a concept or technology before full-scale implementation.
  • Solana: A high-performance blockchain known for fast transaction speeds and low fees, often used for decentralized applications and tokenization projects.