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In less than a week after Deutsche Bank DB and HSBC HSBC partnered with other companies for digital asset custody, Citigroup IncC has now turned to the digital asset space to launch tokenized digital assets using its own wallet and blockchain.
Citi's Token Service will provide cross-border paymentsand liquidity all around the clock.
Read More: Deutsche Bank Joins Crypto Wave: Partners With Taurus For Digital Asset Custody
What Happened: Citigroups Citi Treasury and Trade Solutions launched Citi Token Services for delivering digital asset solutions to institutional clients using blockchain and smart contract technologies. For better cash management and enhancing trade finance capabilities, the service will integrate tokenized deposits and smart contracts into Citis global network.
Citi Token will convert customer deposits into digital tokens which can be transferred anywhere in the world. The client will not have to set up their own digital wallet and will be able to access the service through the banks existing systems. The bank will depend on a private blockchain owned and managed by the bank.
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In the first week of September, JPMorgan Chase & Co JPM was looking at developing a blockchain-based digital deposit token for enhancing international transaction settlements. The bank is likely to introduce this product to corporate clients within 2024.
The Regulated Liability Network: The offering cameamid Citis participation in a month-long test of a Regulated Liability Network wherein a unit of the Federal Reserve Bank of New York and other global banks also participated. The test will allow banks to simulate issuing digital money representing their customers own funds before settling through central bank reserves on a distributed ledger.
The result led to the finding that the use of digital dollars can improve wholesale payments.
Frictions related to cutoff times and gaps in the service window will be reduced, the global head of digital assets at Citigroups treasury and trade solutions division commented.
Also Read: Third Largest US Bank Citigroup In Layoff Talks After Management Restructure
As a pilot program, Citi served Maersk and a canal authority by digitizing solutions such asbank guarantees and letters of credit. The solution used in the pilot program led to instant payment capabilities to buyers and sellers which reduced transaction processing times from days to minutes.
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Massachusetts is launching a first-of-its-kind statewide vehicle-to-everything (V2X) pilot program. This two-year initiative, backed by the Massachusetts Clean Energy Center (MassCEC), aims to deploy 100 bidirectional chargers to homes, school buses, municipal, and commercial fleet participants across the state.
These bidirectional chargers will enable EVs to serve as mobile energy storage units, collectively providing an estimated 1.5 MW of new storage capacity. That means EVs won’t just be getting power – they’ll be giving it back to the grid, helping to balance demand and support renewable energy use. The program is also focused on ensuring that low-income and disadvantaged communities have access to this cutting-edge tech.
The Massachusetts pilot is one of the largest state-led V2X initiatives in the US and is designed to tackle key challenges in deploying bidirectional charging technology. By strategically placing these chargers in a variety of settings, the program aims to identify and resolve barriers to wider adoption of V2X technology.
Massachusetts EV owners and fleet operators enrolled in the program will get bidirectional chargers capable of both vehicle-to-grid (V2G) and backup power operations at no cost. Here’s what they stand to gain:
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No-cost charging infrastructure: Bidirectional charging stations and installation are fully covered for participants.
Grid resilience: With an estimated 1.5 MW of new flexible and distributed storage assets, the program strengthens Massachusetts’ energy infrastructure.
Clean energy integration: V2G technology allows EVs to charge when renewable energy is available and discharge stored energy when it’s not, supporting the state’s clean energy goals.
Backup power: EV batteries can be used as backup power sources during outages.
Revenue opportunities: Some participants can earn money by sending stored energy back to the grid.
Clean energy solutions firm Resource Innovations and vehicle-grid integration tech company The Mobility House are leading the program’s implementation. “With the charging infrastructure provided through this program, we’re eliminating financial barriers and enabling school districts, homeowners, and fleets to access reliable backup power,” said Kelly Helfrich of Resource Innovations. “We aim to create a scalable blueprint for V2X programs nationwide.”
“Bidirectional charging benefits vehicle owners by providing backup power and revenue opportunities while strengthening the grid for the entire community,” added Russell Vare of The Mobility House North America.
The program is open for enrollment now through June 2025. For more details, visit the MassCEC V2X Program webpage. A list of eligible bidirectional vehicles can be found on that page.
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GLENDALE, Ariz. — Shohei Ohtani put any concerns about his surgically repaired left shoulder to rest with just one at-bat.
Ohtani crushed a full-count fastball from Yusei Kikuchi over the left-field fence in his first plate appearance this spring Friday night, staking the Los Angeles Dodgers a 1-0 advantage against the Los Angeles Angels.
Ohtani batted twice more, popping out to short in the second inning and striking out swinging in the fifth. He left the game after the fifth inning, as planned.
Friday’s home run comes after Ohtani underwent arthroscopic surgery in November to repair a torn labrum in his left shoulder suffered when diving into second base during the World Series. The 30-year-old, who won his third Most Valuable Player award to cap a dream first season in which the Dodgers captured their eighth World Series title, had been cautious in his return, hoping to ensure he’s healthy for Los Angeles’ season-opening series against the Chicago Cubs in Japan on March 18.
When Ohtani ascended the dugout steps at 6:08 p.m. local time, fans greeted him with a cheer and watched him take three practice swings before stepping into the batter’s box accompanied by a louder ovation. He started the at-bat from Kikuchi, his countryman who joined the Angels this winter, by staring at a 95 mph fastball for a strike. Ohtani took a curveball for a ball, swung through another for a strike, stared at one more low and didn’t bite on an outside fastball before taking a 94 mph fastball into the Dodgers’ bullpen in left field.
Ohtani, in his second season with the Dodgers, continues to rehabilitate his right arm after a second Tommy John surgery, which caused him to not pitch in 2024. He is targeting a return to the mound in May.
FTX creditor repayments being facilitated a little over 2 years after FTX’s shock collapse is a “win” given all the jurisdictional issues that were involved, an industry pundit said.