Nasdaq and Citi Announce Pioneering Blockchain and Global Banking Integration
Solution Leverages Chain’s Blockchain Technology
Nasdaq, Inc. (Nasdaq:NDAQ) and Citi (NYSE:C) Treasury and Trade Solutions announced today a new integrated payment solution that
enables straight through payment processing and automates reconciliation by using a distributed ledger to record and transmit
payment instructions. A number of payment transactions have been concluded including Citi’s automated processing of cross-border
payments via a link between the CitiConnect® for Blockchain connectivity platform and the Linq Platform powered by the Nasdaq
Financial Framework. This collaboration has created a pioneering institutional banking solution that tightly integrates blockchain
technology with Citi’s global financial network leveraging API technology.
The partnership between Citi and Nasdaq leverages Chain’s blockchain infrastructure platform and draws on core competencies from
industry leaders who are at the forefront of innovation in the global financial sector. Emerging technologies like Distributed
Ledger Technology (“DLT”) are driving digitization and enabling new platforms and blockchain ecosystems that can provide real-time
digital solutions. For example, this integration can allow businesses such as Nasdaq Private Market to address the challenges of
liquidity in private securities by streamlining payment transactions between multiple parties.
Key benefits that this integration can offer:
- A seamless end-to-end transactional process for private company securities
- Direct access to global payments from Nasdaq’s Linq platform using CitiConnect® for Blockchain and
WorldLink® Payment Services, Citi’s cross border, multicurrency payments service.
- Increased operational efficiency and ease of reconciliation with real-time visibility of payment
transactional activity on the blockchain ledger.
"This new payment capability marks a milestone in the global financial sector and represents an important moment in the
commercial application of blockchain technology," said Adena Friedman, CEO, Nasdaq. "Through this effective integration of
blockchain technology and global financial systems, we can realize greater operational transparency and ease of reconciliation,
which can have profound implications for outdated administrative functions in the capital markets. We are excited about this
accomplishment in collaboration with our partners, Citi and Chain, and are looking forward to continuing our work together to scale
this offering."
Naveed Sultan, Citi’s Global Head of Treasury and Trade Solutions Group said, “CitiConnect® for Blockchain provides a crucial
bridge between blockchain platforms and Citi’s global financial network. Our partnership with Nasdaq showcases Citi’s
client-centric approach to innovation and is an example of how we actively engage with our clients to co-create innovative, leading
and differentiated solutions for the global market.”
“Chain is delighted that our technology is supporting this industry leading network. Through this effort, we have seen firsthand
that Citi and Nasdaq are pioneers, successfully leveraging breakthrough technology in order to enable world-class solutions for
their clients” said Adam Ludwin, Chain’s CEO.
This solution leverages Nasdaq and Citi’s founding membership of the IDEO CoLab in June 2015 to explore emerging technologies
such as blockchain. In September of that year, both Nasdaq and Citi Ventures invested in Chain’s series B funding round with other
leading financial institutions.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public
company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business
vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital
markets. As the creator of the world's first electronic stock market, its technology powers more than 89 marketplaces in 50
countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to 3,800 total listings with a market value of $11
trillion. To learn more, visit: http://business.nasdaq.com http://business.nasdaq.com/
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about Nasdaq and its
products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ
materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks,
uncertainties or other factors beyond Nasdaq's control. These factors include, but are not limited to factors detailed in Nasdaq's
annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation
to release revisions to any forward-looking statements
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored
cash management and trade finance services to multinational corporations, financial institutions and public sector organizations
across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries
and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of
digitally enabled treasury, trade and liquidity management solutions.
About Chain
Chain, Inc. (www.chain.com) is a technology company that partners with leading organizations to build, deploy and operate
blockchain networks that enable breakthrough financial products and services. Chain is the author of the Chain Protocol, which
powers the award-winning Chain Core blockchain platform. Chain was founded in 2014 and has raised over $40MM in venture
funding.
Media:
NASDAQ:
Stephanie Lowenthal, 646-441-5073 Stephanie.lowenthal@nasdaq.com
Citi:
Nina Das, 212-816-9267
Nina.das@citi.com
Chain:
Elizabeth Alinikoff, 415-598-0346
Elizabeth@chain.com
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