Citigroup launches blockchain platform for tokenized private shares

Citigroup is developing a blockchain‑based platform that will let wealthy and institutional investors trade tokenized shares of private companies. The service, described as tokenized depositary receipts, will be issued and custodied by Citi and will initially be offered only to non‑U.S. investors, with possible expansion to U.S. clients pending regulatory approval. The platform relies on infrastructure from SIX, the Swiss financial‑markets operator, and is part of the bank’s broader push to modernise private‑market access as more high‑profile firms such as SpaceX and Anthropic delay IPOs. Citi is also in discussions with several large private firms about joining the system, which aims to provide a more transparent and efficient way to buy and sell private‑company exposure.