Citi executive Ryan Rugg warned this week that fragmented crypto systems risk repeating historical banking issues. Corporate clients need seamless real-time payment solutions across banks, but current infrastructure isn't meeting that demand.
At Consensus
Rugg made the comments during a session at Miami's Consensus conference. He didn't name specific banks or crypto firms but stressed that corporate clients feel the pain of siloed systems. The industry can't keep building isolated networks, he said. That approach ignores hard-learned banking lessons.
Payment Demands Escalate
Corporate clients require real-time cross-bank payment solutions that simply don't exist today. Rugg noted this isn't just about convenience anymore. Firms moving serious capital won't accept fragmented workflows. They expect crypto to work like traditional banking behind the scenes. But it doesn't.
The gap is widening fast. Companies need smooth transfers between crypto and fiat systems immediately. Current patchwork solutions create delays and risks. Rugg called it a fundamental mismatch between corporate needs and crypto's reality.
