"When Satoshi Nakamoto introduced Bitcoin to the world in 2008, the pseudonymous coder envisioned his decentralized currency as a reaction to the financial crisis that had paralyzed the global economy. But nearly two decades later, the once renegade crypto industry has become increasingly intertwined with Wall Street. On the latest episode of Fortune's Crypto Playbook (which you can find on Spotify, Apple, and YouTube), Citi's head of enterprise digital assets, Artem Korenyuk, says that there's increasing "synergy" between the two sectors."
"Citi has long been a pioneer in the space, including through its Citi Token Services program, which uses a private blockchain to facilitate 24/7 payments between institutional Citi customers. While this is a more limited use case, especially because it doesn't utilize the permissionless and decentralized innovations of Bitcoin, Korenyuk says it proves that crypto's distributed ledger technology can change payment rails through programmability. For example, financial markets have separate systems for different types of assets, such as cash, securities, and debt"
Bitcoin emerged in 2008 as a decentralized reaction to the global financial crisis. Over nearly two decades, crypto evolved from a renegade experiment to an industry increasingly intertwined with Wall Street as asset prices rose and blockchains promised decentralized financial applications. Early institutional pilots such as the R3 consortium failed to gain traction amid regulatory uncertainty and market volatility. Recent policy moves, including stablecoin regulation under the Genius Act, have increased institutional interest. Citi uses a private blockchain for 24/7 institutional payments through Citi Token Services, demonstrating how distributed ledger programmability can modernize payment rails and reconcile separate asset systems.
Read at Fortune Crypto
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