Global financial institution Citi and stock exchange Nasdaq have partnered on a new blockchain payments initiative.
Announced at CoinDesk’s Consensus 2017, the two financial institutions are looking to tackle liquidity issues in the private securities market, leveraging technology from blockchain startup Chain.
According to the firms, a number of successful transactions have already been completed between Citi’s CitiConnect and Nasdaq’s Linq Platform.
That both Citi and Nasdaq would look to leverage the technology developed by Chain is perhaps unsurprising, given that both are investors in the startup. What’s more, both companies have explored a range of possible blockchain applications, including deployments around payments.
“This new payment capability marks a milestone in the global financial sector and represents an important moment in the commercial application of blockchain technology,” Adena Friedman, Nasdaq’s CEO, said in a statement.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Chain.
Citi image via Shutterstock