Mad Hedge Technology Letter
January 6, 2025
Fiat Lux
Featured Trade:
(DIGITAL SPORTS CONTENT RISES TO THE TOP)
(FUBO), (DIS)
It isn’t a shocker that the first deal to go through in 2025 is in digital sports streaming.
This sub-sector is scorching hot.
It was only just a few days ago when Netflix rolled out its debut in streaming NFL during Christmas when they broadcasted 2 games.
Live American football – not the European variant - is the holy grail of digital content and the beefiest of marketers with the deepest of pockets will cough up to place their ads in these commercial slots.
Disney (DIS) will combine its Hulu + Live TV business with sports streamer FuboTV (FUBO) in the first major media dealmaking move of 2025.
Disney will control 70% of Fubo. Shareholders of the sports streamer will own the remaining 30% of the combined business, which will operate under the Fubo publicly traded company name.
Disney is struggling in many parts of their business, for example, is underperforming in their theme parks.
Their movies also suck.
Pro football is the last bastion of premium content and even the woke employees at Disney understand that.
Disney stock has essentially halved since 2021 with shareholders furious about their lack of strategic vision.
The acquisition of Fubo gives Disney a chance to restart in a sub-sector that has a glowing future.
Cord cutters are exploding and since last year’s Presidential election, the trust in legacy media has never been at such a low ebb, and rightly so with the poor level of content quality.
The combination of the two businesses will form one of the largest digital pay-TV providers as consumers search for cable alternatives amid increased cord-cutting.
Fubo, which offers users access to live TV channels over the internet, has primarily focused on sports.
Hulu + Live TV, categorized as a cable replacement option — similar to YouTube TV — allows users to stream from about 100 live TV channels across sports, news, and entertainment.
As a much smaller player, Fubo struggled with high content costs and the ability to curb subscriber churn and adequately compete in the marketplace — hence the lawsuit's inception.
The three companies first announced the joint venture last year, with an expected price point of $42.99 a month. The service will bring together their respective slates of sports rights and comes as media companies face pressure from investors to scale their streaming services and achieve profitability.
I’m not saying that digital streaming of pro sports is easy.
We aren’t in the early innings.
Content costs are astronomically high and subscriber churn can be a problem in the offseason.
The nightmare could end up like the NBA.
Look at sports like pro basketball (NBA, viewership is down 50% this season as subscribers flee the sinking ship.
The basketball commissioner created a model where most teams make the playoffs meaning the 82 game schedule has been deemed irrelevant causing their best stars to sit out games.
It’s just one example of the management of pro sports going down the drain and pro football isn’t immune to bad management too.
As it stands, I highly support Disney’s foray into Fubo and Fubo would be a great stock to pick up and hold at $4.80.
The stock is up from $1.44 this morning.
Live pro sports still fetches a premium and I don’t believe that will change any time soon.
Jump into tech stocks that have big investments planned in American football.
Much of the big growth opportunities have been saturated and I do believe the tech market will become more of a zig-zag trading market in 2025.
(IN 2024, THE TRADITIONAL SANTA RALLY DIDN’T APPEAR, SO WHAT DOES 2025 AND BEYOND LOOK LIKE?)
January 6, 2025
Hello everyone
Happy New Year! Wishing you all good things for 2025.
I’m back on deck for a new year. I hope you are all well-rested and ready for another year navigating the markets.
So, what can we expect for 2025?
In Australia, economists indicate that 2025 offers no solutions to the economic problems of the past year. However, we can expect an easing of interest rates and inflation.
China’s sluggish economy has the potential to weigh down Australia.
US President-elect Donald Trump will be inaugurated for a second term later in January, with the full extent of his promised tariffs a key factor for the economic outlook.
He’s pledged the mass deportations of migrant workers and a huge reduction in government regulation of different industries.
For the economy, the biggest impact will likely be from tariffs imposed on goods from foreign countries, including steep taxes on Mexico, Canada, and China.
It is yet unknown whether Trump will follow through on the announced rate of tariffs on these countries.
(DOGE) leader Elon Musk could trim the fat in government departments, making the system work more efficiently.
Unemployment begins to rise in 2025.
Interest rates are finally cut in Australia in the first half of the year.
In the last two decades, in Australia, migration increased to about 60 percent of growth in an average year and natural increases were the other proportion – about 40 percent.
Migration is now up to 83 percent of our growth … so, record population increases in Australia.
Demographer, Mark McCrindle, believes Australia’s population could reach 50 million by the 2050’s.
He also points out, that Australia is not keeping up with a heightened population demand on critical infrastructure such as housing.
McCrindle argues that the “population growth is greater than the built environment growth and that’s really what’s driving the housing affordability challenges, that demand is exceeding supply.”
So, as you can imagine, no relief yet on Australia’s housing crisis. (It is a similar story in the U.S.)
People will continue to move to regional areas away from the big cities – Sydney & Melbourne – to look for affordable living options with flexible working conditions.
Globally, McCrindle predicts the population will grow as high as 10 billion by the 2080’s, before stabilizing. He said the world was already experiencing increased rates of population contraction – meaning fewer people are being born annually – and this trend was likely to continue.
We will continue to see technological innovations. AI technology is on our doorstep, but Australians appear to be slow to take up new technologies. An attitude of distrust seems to be an issue. The AI “big brother” lens is not palatable for everyone. Nevertheless, AI will no doubt increase efficiency and cut costs in many sectors & industries, which will likely be passed on to the consumer. The chip industry and the main heavyweights will continue to do well as demand will not go away. Quantum computing is not far away.
Geopolitical conflicts have been increasing in intensity in the last few years. Strategic Analysis Australia founder, Michael Shoebridge, argues there is a credible scenario “There could be a global war this decade and that can be because of the rise of nationalism we’re seeing, particularly in places like Russia and China.”
Shoebridge comments that just like before World War I, the world in 2025 is witnessing a “revolution in warfare” with newly innovated weaponry, and leaders like Russian President Vladimir Putin, Chinese President Xi Jinping, and the United States president-elect Donald Trump blindly moving closer to a full-scale war.
S&P500
2024 was a stellar year for stocks, but in 2025 Equities may pause for a period this year before another major rally takes place.
Over a period of 6-9 months, the S&P500 could possibly fall towards $4,800, or even lower, but will then rally in the final part of the year. 2026 and 2027 could be good years for the market.
If the markets do take the bear path, FANG stocks could fall 20% or more.
Of course, these predictions depend, somewhat, on what Donald Trump actually does when he enters the White House. If nothing changes, then a rally could well take place, and stocks could rise into nosebleed territory. Time will tell.
PRECIOUS METALS
Gold and silver will remain financial safe havens. As confidence in fiat currencies erodes amidst economic instability, gold, silver, and cryptocurrencies are emerging as pillars of financial security. With geopolitical tensions rising, central banks hoarding reserves, and inflation fears mounting, many analysts project gold could rally toward $3,500 per ounce – and possibly higher. Unlike fiat money, gold isn’t tied to the whims of governments or central banks, making it a trusted store of value during crises.
I see gold and silver continuing to range in the first instance this year and then, possibly, gradually moving lower towards $2,400 and even $2,200 is possible. In the second half of the year, we could see a rally towards $3,000. Late last year I suggested selling calls on gold and silver stocks. At the moment this is still a good play.
THE CRYPTO REVOLUTION
Crypto should shine this year. The election of Donald Trump has shaken up the markets, particularly in the cryptocurrency space. His administration has swiftly installed crypto-friendly leaders in key positions, including Vice President JD Vance, National Security Advisor Michael Waltz, Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, SEC Chairman Paul Atkins, FDIC Chair Jelena McWilliams, Dept of Govt Efficiency (DOGE) leader Elon Mush, and HHS Secretary RFK Jr., who has become the face of the MAHA (Make America Healthy Again) movement. These appointments signal the end of anti-crypto policies while positioning Bitcoin and other digital assets as strategic components of the U.S. economy.
Bitcoin is expected to rally well this year. With increasing institutional adoption, corporate treasuries diversifying into Bitcoin, and even nation-states taking on board the idea, Bitcoin could easily reach $150,000 and beyond this year. Some are even predicting $250,000 by December.
Why is this happening now?
Many factors:
Greater regulatory clarity, the launch of Bitcoin exchange-traded products (ETPs), and institutional players continuing to pour large amounts of capital into Bitcoin. These developments not only seem to set Bitcoin’s position as a store of value but signal that it’s well on its way to becoming a dominant force in the global economy.
Bitcoin isn’t the only crypto that will rally this year. Investors and/or traders should also be looking at Ethereum. This coin has a valuable ecosystem of decentralized applications (d’Apps) and smart contracts. The introduction of Ethereum 2.0, which promises faster transactions and a more energy-efficient proof-of-stake mechanism, combined with Ethereum’s role at the heart of decentralized finance (DeFi), may well incentivise mass adoption. With more institutions and businesses adopting Ethereum-based platforms, the token could rally strongly, riding the wave of growing trust in blockchain technology. There is potential for Ethereum to rally towards $8000.
Another coin that could have a bright future is Ripple. Some experts are predicting that XRP could hit $10 in 2025. Faster, cheaper transactions offer banks and corporations a more efficient way to process payments across borders, making it a preferred choice for many in the financial world. Further igniting its popularity is the endorsement by high-profile figures like Elon Musk, who recently mentioned XRP in the context of his support for decentralized technologies. Musk’s influence could boost XRP’s visibility and attract new investors and institutional partners. As blockchain technology continues to reshape the global financial landscape, Ripple’s XRP could become the backbone of cross-border payments, setting its place as a key player in the future of global finance.
Utility coins, too, are gaining acceptance and popularity. These coins go beyond mere speculations, offering real-world value by supporting initiatives and candidates committed to preserving liberty and individual rights. For example, USA Unity Coin (UUC) empowers Americans to back pro-freedom political leaders while participating in a decentralized financial ecosystem. Coins like UUC are providing a unique opportunity to drive change. UUC, in particular, is on a mission to safeguard the principles of freedom in the digital age.
ENERGY
Energy was one of the worst-performing sectors last year. Will it be the same this year? Much depends on supply and demand, and the ongoing conflicts around the world.
Geopolitical risks threaten investment, environmental regulations, and infrastructure.
In 2025 oil prices could keep ranging for a period before the market finds a low and a bullish move begins.
Hold on to traditional energy stocks like (XOM)Exon Mobil, (CVX) Chevron, and (OXY)Occidental Petroleum. They should do well in the future.
By 2030, the use of renewables will probably increase by over 430%. Nuclear energy and hydroelectricity will expand by 54.5% and 48.5% respectively.
So, nuclear energy stocks should definitely be on your list. Look at (CCJ) Cameco Corp. (VST) Vistra Energy (a good buy now- scale in), (CEG) Constellation Energy, (SMR) Nu-Scale Power Corporation (A good buy now –scale in)
Santa didn’t deliver at the close of 2024
In contrast to what had been a very strong 2024 performance, the year ended without any fanfare at all. The S&P500 rose more than 23% last year but ran out of puff at year's end. Does the absence of a Santa rally mean a lacklustre market or a period of underperformance lies ahead for stocks? Some analysts believe the returns may not be as robust as in years when we did enjoy a Santa rally. On average then, we can expect around a 6.5% return. At any rate, January usually sets the tone for the rest of the year, so we need to take note and see what markets are telling us. History reminds us that when January is positive, the S&P500 averages a 6.9% gain on a six-month forward basis. When it’s negative, the index falls 0.6%.
The December jobs report is released this Friday. And with inflation data released later this month, we could get a much clearer picture of the path of interest rates going forward. A slowdown in job growth is expected. This week will be a good test for the dollar, with employment statistics and Fed speeches.
WEEK AHEAD CALENDAR
Monday Jan. 6
9:45 a.m. PMI Composite final (December)
9:45 a.m. S&P PMI Services final (December)
10:00 a.m. Durable Orders final (November)
10:00 a.m. Factory Orders (November)
Tuesday Jan.7
8:30 a.m. Trade Balance (November)
10:00 a.m. ISM Services PMI (December)
10:00 a.m. JOLTS Job Openings (November)
9:00 a.m. Euro Area Inflation Rate
Previous: 2.2%
Forecast: 2.4%
Wednesday Jan. 8
8:15 a.m. ADP Employment Survey (December)
8:30 a.m. Jobless Claims (week ending 12/28)
2:00 p.m. FOMC Minutes
3:00 p.m. Consumer Credit (November)
Thursday Jan 9
10:00 a.m. Wholesale Inventories final (November)
NYSE is closed to mourn the death of President Jimmy Carter.
Earnings: Constellation Brands
Friday Jan10
8:30 a.m. December payrolls
10:00 a.m. Michigan Sentiment preliminary (January)
Earnings: Walgreens Boots Alliance, Delta Air Lines
QI CORNER
HISTORY CORNER
On January 3rd
Cheers
Jacquie
When John identifies a strategic exit point, he will send you an alert with specific trade information as to what security to sell, when to sell it, and at what price. Most often, it will be to TAKE PROFITS, but, on rare occasions, it will be to exercise a STOP LOSS at a predetermined price to adhere to strict risk management discipline. Read more
When John identifies a strategic exit point, he will send you an alert with specific trade information as to what security to sell, when to sell it, and at what price. Most often, it will be to TAKE PROFITS, but on rare occasions, it will be to exercise a STOP LOSS at a predetermined price to adhere to strict risk management discipline. Read more
Global Market Comments
January 6, 2025
Fiat Lux
Featured Trade:
(TESTIMONIAL)
(PLAYING THE SHORT SIDE WITH VERTICAL BEAR PUT SPREADS)
(TLT)
(GOOG), (AAPL), (META)
While driving to my local Trader Joe's last weekend, a friend of mine called, panicking about missing out on the AI revolution. "Should I dump my tech giants and buy every AI startup I can find?" he blurted, sounding like he’d just read a headline predicting the end of civilization as we know it.
I had to chuckle. It reminded me of the dot-com boom when my dentist was giving me stock tips while drilling my teeth. But here's the thing - this time really is different, and I've got the mind-bending numbers to prove it.
Let me share something that will knock your socks off: every four months - about the time it takes for the seasons to change - the cost of running AI models drops by half. That's not a typo.
Compare that to Moore's Law, which took a leisurely 18-24 months to achieve the same cost reduction. We're witnessing the fastest cost decline of any technology in human history.
Want a real head-spinner? In 2020, training a GPT-4 model would have set you back $6 billion - enough to buy several Caribbean islands or a fleet of private jets. By 2026, your teenager's smartphone will pack the same punch. Talk about deflation.
And you know who's feeling that sting most? Our friends at Google (GOOG). Back in 2020, they looked invincible with their 8.5 billion daily searches, mountains of data, and a budget that could buy a small country.
But by 2023, OpenAI had beaten them to the punch with ChatGPT, leaving Google playing catch-up. Even now, using Google's best AI models costs customers 40% more than OpenAI's equivalents. That's like showing up to a price war with premium pricing.
Speaking of tech giants moving at glacial speed, Apple (AAPL), the company that redefined cool, seems oddly uncool about AI.
Four years after OpenAI released GPT-3, Apple finally entered the game, admitting its models wouldn't measure up to OpenAI, Anthropic, or Meta's (META) Llama 3. (Meta's name choices may be questionable, but their AI game isn't.)
Why the lag? Big companies have big reputations, and AI has a way of going rogue. One moment it’s crafting poetry, and the next, it’s confidently hallucinating facts.
For firms like Apple or Google, whose brands rely on trust, the risk of unleashing an unpredictable AI model is a PR nightmare waiting to happen. So, they’re hedging their bets, sanding off AI’s sharp edges.
Take Apple’s upcoming image generator: it offers a limited set of options, as if customers can’t handle full creative freedom. It’s safe but stifling—the antithesis of AI’s potential.
Still, AI is infiltrating every sector, not just tech. In healthcare, AI models are passing medical licensing exams, potentially revolutionizing diagnostics and treatment.
Finance is using AI to personalize digital wallets, and Tesla (TSLA) is collecting mind-boggling amounts of real-world data to develop autonomous vehicles and—gulp—humanoid robots.
Actually, Tesla has been collecting more real-world data than Google could dream of. Their camera-equipped cars generated 80 quadrillion tokens of data last year alone. By decade's end, they'll hit 300 quadrillion.
And if you’re wondering where this data is going, think self-driving cars, next-level automation, and maybe a future where your AI assistant knows you better than your spouse. (Let’s hope it’s less judgy, too.)
Speaking of betting big on AI, the venture capital crowd is having a field day. In 2024, they're throwing money at AI startups like it's confetti at a Silicon Valley wedding - over $90 billion globally.
US startups are grabbing more than 40% of those dollars, and in the last three months, it's jumped to over half of all venture funding. It's like 1999 all over again, but this time with actual revenue streams.
Which brings me back to my friend and his panicked question about ditching his tech giants. My advice to him—and to you—is simple: this isn’t an either-or scenario. It’s not about choosing between established players and scrappy newcomers.
It’s more it’s about understanding who’s positioning themselves to ride the AI tsunami. Some will adapt and thrive. Others will crash and burn.
So, what does that mean for the market? In the short term, buckle up. Volatility is inevitable when a technology moves this fast. But long term, the opportunities are staggering.
As for my friend, I told him to think of AI like the early days of the internet: messy, chaotic, and bursting with potential.
Then I hung up because yet another SUV was swerving dangerously close, and the future, it seems, doesn't yet include AI-powered traffic cops.
Mad Hedge Technology Letter
January 3, 2025
Fiat Lux
Featured Trade:
(THE EYEWEAR PIVOT NOBODY SAW COMING)
(META), (ESSILORLUXOTTICA)
Meta (META) migration into the eyewear business is a little bit of a head-scratcher until peeling back the layers and really understanding what is going on.
EssilorLuxottica’s agreement to prolong its long-term collaboration with Meta Platforms for the development of smart eyewear over the upcoming 10 years is a massive victory for Meta CEO Mark Zuckerberg.
This milestone offers meaningful insight into the direction of where the business model is heading.
Many have expected that Meta would start to branch out into other venues once their core businesses start to stagnate.
The digital ad game and social media platforms only go so far in terms of growth these days, and shareholders are waiting for the next big thing.
Short-term prospects are what drives the stock movement, and Meta is looking for that pixie dust.
EssilorLuxottica is the largest maker of eyewear in the world and the owner of many eyewear brands and retailers, including Ray-Ban, LensCrafters, and Pearle Vision in the U.S.
EssilorLuxottica also acquired Heidelberg Engineering, a maker of imaging and healthcare machinery and technology, largely for the ophthalmic and eyecare markets worldwide.
Prescription glasses are not cheap, ranging into the thousands of dollars for designer frames and lenses.
If Meta can figure out how to do this all online without going to the optician, imagine the juicy margins they could extract from this sort of venture.
Meta and EssilorLuxottica have a relationship for the production of the Ray-Ban smart glasses. The glasses’ latest version gives consumer’s video, camera, and Bluetooth headset capability in a stylish eyewear frame with a cool brand on it.
Heidelberg Engineering makes complex, sophisticated, expensive equipment that you may be exposed to if you’re examined in an ophthalmologist’s office. Buying Heidelberg makes EssilorLuxottica more entrenched in the industry where it is the established leader.
The tie-up with EssilorLuxottica is the perfect onboarding situation to understand how to perfect the optimal glasses and lenses and then transfer it into an online experience.
Remember, even if this investment is for VR purposes, the application revolves around virtual eyewear as well.
Meta now understands they need to secure a monopoly on eyewear, and it is a conscious decision to make that a launching point for more of their products.
In the future, Meta wants consumers to access Instagram, Whatsapp, and Facebook through EssilorLuxottica eyewear products.
Meta also hopes to secure the first mover advantage while other big tech firms lack the deep knowledge of eyewear. There have already been numerous failed attempts at smart glasses, and so Meta founder Mark Zuckerberg is doubling down with a relationship with Europe’s most deeply entrenched premium eyewear firm.
Although the boost to the bottom and top line won’t happen quickly with a possible relationship with EssilorLuxottica, this could anoint Meta as the gatekeeper to the new virtual world through this new eyewear tech.
It’s becoming clear that Meta is running up to certain upper limits in regards to the growth of their 3 platforms, and they are looking for another super booster to prop up profits.
I don’t believe that Meta will be allowed to acquire this eyewear company because of anti-competitive laws, but adopting its best product practices and hiring their best talent seems a lot more on brand from Meta.
Meta has never been shy at poaching outside talent and rewarding them handsomely.
On the flip side, EssilorLuxottica would be smart to adopt some tech now by hiring the right people and trying to digitize the experience further otherwise, Meta will get what they are coming for.
Meta pushing the envelope is one of the big reasons why they have stayed ahead of other big tech companies and why the stock has done so well the past few years.
Meta stock is a great short-term and long-term proposition for patient and impatient investors.
(THE GLOBAL FINANCIAL SYSTEM COULD BE REVOLUTIONIZED WITHIN THE NEXT DECADE)
January 3, 2025
Hello everyone,
In the NYSE, investors make upwards of 1 billion trades per day. Many of those trades appear to happen in milliseconds, except when you investigate further, that’s not the reality.
Trades on Wall Street take days to settle, and lots of people to make them happen. Take market makers, for example. They are the middlemen handling all those trades on Wall Street, and the top 5% of market makers handle nearly 30% of all trades. The fact is these intermediaries help with volatility, but they create a gap between buyers and sellers in the markets, and there are a lot of gaps in the financial system (which are beyond our control.)
Have you ever noticed how long some bank transfers take?
Some of the big banks think they may have a solution. JP Morgan, Citibank, and Goldman Sachs want to push the financial system into the next generation and to do that, they need to borrow a tool from crypto – blockchain. Presently all large-scale global financial infrastructure is highly warehoused or functions through different silos. In other words, money moves on one set of rails, assets move on a different set of rails. They operate independently, and information cannot be shared because of system limitations.
But being able to move money 24/7 365 is what we are moving towards.
These banks believe it could become a 5 trillion-dollar industry. In other words, we could see 5 trillion in combined tokenized asset-trading volume by 2030.
Why do these big banks think blockchain can turbo-charge the financial system?
Wall Street still operates in T+2. Trade + two days. That’s how long it takes for the standard securities settlement – for cash and assets to change hands. So, for instance, if you sell some stock on Tuesday, the cash won’t hit your bank until Friday.
Electronic trading and modern payment processing have accelerated the global financial system to move assets much faster. You don’t have to be an investment banker to feel the lag in the financial system. ACH transfers, credit card refunds, and all kinds of money that move in our economy take time to go from one person to another. Part of the slowness is how many steps and people are involved. On Wall Street, for example, brokers help set up a transaction, and they can charge a commission. Then market makers connect brokers to the assets they are trying to buy or sell. They charge a fee, too, on the difference or spread of the asking price of an asset and what someone is willing to pay. Very large transactions will need to go through even more steps for security and fraud prevention.
Some big banks are hoping that tokenization on blockchains can streamline the process of trading assets and maybe make it cheaper. It would revolutionize and rewrite financial market infrastructure.
To understand how tokenization works, we need to talk about ownership in the digital era. Right now, it’s hard to transfer ownership of real-world items over the web.
We all know that you can buy a car through an online marketplace, but the title that proves your ownership of this car only arrives in the mail a few weeks later. Inefficient in the modern world, wouldn’t you say? In the hope of bringing ownership online, developers are creating tokens that represent real-world items. You can do this with any kind of asset: stocks, bonds, or a token that could represent ownership of a building or a car. Banks backing this believe that it may create new investments altogether, and that’s why they are putting their money behind it. For example, JPMorgan has Onyx, a blockchain platform they launched in 2020. In the short time since then, it’s handled 700 billion in short-term loans through its private blockchain. JPMorgan describes it as a “killer app” for the future of finance. Larry Fink, the CEO of BlackRock, called digital asset innovation and tokenization the next generation for markets.
A blockchain is basically a database of all the transactions. There are many copies of the database, which helps to keep it secure. Each block is cryptographically signed so that any tampering is immediately evident. Additionally, you have a consensus mechanism to control how you update that database.
If technology provides you with the capability to use one rail line to transfer value, assets, and information, a lot of the inefficiencies and friction that exist in the regular financial infrastructure start to disappear.
Blockchains are meant to be transparent, cutting down the need for intermediaries that could charge fees or the need for extra due diligence. Proponents say it could enable P2P transactions across many parts of the economy.
In addition, this technology would allow for brand new forms of ownership, like splitting, fractionalizing ownership of property through real estate tokens, or tokenized deposits in bank accounts to allow for quick transfer of money between people using P2P transactions.
The IMF said in February that tokenising stocks and bonds could cut trading costs but requires the money paying for those assets to be tokenised as well, which would lead banks to make tokenised cheque accounts for faster payments.
The global financial system is one of the most regulated systems in the world and making any changes will be slow going. There will be a gradual movement forward in small steps.
Citibank has recently introduced Citi Token Services, which is a new blockchain-based service that will transform how institutional clients deposit and trade assets. In the evolving world of blockchains and smart contracts, Citibank has enhanced its products and services, including digital money, trade, securities, custody, asset servicing, and collateral mobility.
Cheers
Jacquie