With JP Morgan recently announcing a plan for a bank-backed cryptocurrency, many have begun to question whether this bold new play will bring success. However, as many look to the future to provide answers, few have looked into the past to see how similar projects have fared.
One such project was created in 2015 by Citigroup. Codenamed “Citicoin,” the project out of Citigroup’s innovation lab in Dublin was never formally announced by the bank, even as a proof of concept. The idea was to streamline global payment....