Crypto:
30627
Bitcoin:
$64.657
% 5.75
BTC Dominance:
%53.7
% 0.12
Market Cap:
$2.34 T
% 5.89
Fear & Greed:
52 / 100
Bitcoin:
$ 64.657
BTC Dominance:
% 53.7
Market Cap:
$2.34 T

Which Coin’s Infrastructure Did Citibank Use For Tokenization?

Citibank

The US-based Citibank has announced that it used the Avalanche (AVAX) Spruce Subnet to test private equity tokenizations. Last year, JPMorgan had also used Avalanche for portfolio management. This kind of news is seen as positive for the use of cryptocurrencies in other fields.

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WisdomTree, Wellington Management, T. Rowe Price Associates and Cumberland also participated in this tokenization test with Citibank. The work was also jointly conducted.

Last year in April, these companies had also joined the Avalanche subnet mainly for efficient trading.

Ava Labs Business Development Director Morgan Krupetsky made some statements on her X (Twitter) account.

According to Morgan Krupetsky, ‘after launching Avalanche Spruce, an Evergreen Subnet to measure the benefits of on-chain financing, there will be a major update with the joining of Citibank to the network’.

Also, a statement came from Citibank. Nisha Surendran said the following:

‘We believe that with the private asset tokenization test, we are exploring the feasibility of efficiency in opening up new operational models and reaching a wider market’


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