The Next Internet, the first social media platform created by Citi, is moving to an open source blockchain that will allow it to make payments directly from its users’ accounts without the need for banks to verify identities.
Citi CEO Peter Gutman confirmed the news during an investor call on Tuesday, describing the move as a major step toward the social network’s goal of being a “fintech of the future.”
“We are very excited to be moving to open source,” Gutman said.
“We’re really excited about the possibilities that open source has to enable the creation of new systems for commerce and payments.
The future of Citi is now a social platform.”
While Citi has had to build trust and trustworthiness in the face of growing concerns over the security of its network, the announcement comes after a year of intense lobbying by the digital currency community and other companies, including Uber, to create a better system.
Gutman described the new system as “an open source platform that lets Citi provide a secure, frictionless way to pay users directly.”
The platform, he said, will use the same payment processing system used by Facebook and Visa.
In addition to the payment system, the new platform will allow users to earn coins and redeem them for cash using the new “token” system.
The change will be made possible by the open source software, which will allow the Citi platform to leverage the existing Ethereum platform to provide an Ethereum-like transaction engine, which means the system will be able to process payments on a blockchain that is not centralized.
Citibank’s CEO Michael Novogratz, who is a member of the CITC advisory board, also praised the move.
“We’re thrilled to see that Citi and other leading financial institutions are finally getting the right tools and technology to build a more secure, secure, and secure future for our customers,” Novogrotz said in a statement.
“Open source has been a critical part of our development over the past decade, and we look forward to working with Citi to bring these new tools to the marketplace.”
It is clear to us that CITI will be a leader in financial innovation and we are looking forward to the future.
This announcement is the start of a new era for the world of finance and we can’t wait to see what’s next.
“Gutmans comments came on the heels of CITIC’s announcement that it had joined the Blockchain Coalition, a coalition of tech companies, financial institutions, and other organizations working to develop a better solution for the financial industry.
The coalition is comprised of the likes of Facebook, PayPal, and Visa, among others.CITIC joins a growing number of tech giants and financial institutions that are trying to build on blockchain technology to secure payments and secure the networks on which their businesses operate.