The financial conglomerate believes that existing technologies are more efficient than blockchain systems

Banking corporation Citigroup does not plan to release its own cryptocurrency, the financial conglomerate has been exploring this opportunity since 2015, but came to the conclusion that this is not appropriate, CoinDesk writes. Existing technological solutions are more efficient, so it’s more profitable to develop them, and not to try to create something new on the blockchain, according to the company.

The primary tests of the Citicoin token to simplify international transactions have shown that it is better to abandon this idea, said Citi head of innovation in the field of storage and trade Gulru Atak. According to him, the conglomerate is trying to make the necessary changes today, and not waste time on future technologies.

At the moment, most banks are satisfied with the SWIFT system, so they do not see the need for the introduction of the blockchain, the expert explained. He added that the corporation had previously launched the CitiConnect project, which used an infrastructure similar to that used to issue steybcocoins. Its only purpose was integration on the client side and connection to traditional payment processes in real time.

Bank JP Morgan announced plans to launch its cryptocurrency JPM Coin in mid-February. It will be used for instant settlement between customers of the company, testing will begin in a few months.