Ken Moore, head of Citi Innovation Labs told IBTimes UK during a technology briefing that the bank has been looking at distributed ledger technology for "the last few years" and has amassed a skilled team.

They have constructed three blockchains and a test currency to run across them.

Moore said: "We have up and running three separate systems within Citi now that actually deploy blockchain distributed ledger technologies. They are all within the labs just now so there is no real money passing through these systems yet, they are at a pre-production level to be clear.

"We also have an equivalent to bitcoin up and running, again within the labs, so we can mine what we call a 'Citicoin', for want of a better term. It's in the labs, but it's to make sure we are at the leading edge of this technology and that we can exploit the opportunities within it."


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