Citi's Blockchain Testing for Currency Transactions in Avalanche Evergreen Subnets

Citi has achieved a milestone in experimenting with blockchain technology, specifically designed for modeling currency transactions within the Avalanche Evergreen subnets. The successful test involved the collaborative efforts of the financial industry and MAS under the RFS Project Guardian. The primary focus centered on simulating spot trading concerning the USD/SGD currency pair.

Utilizing AvaCloud's managed blockchain service played a pivotal role in crafting an intra-network pricing solution. This innovative system monitors price quotations and executes trades on the Avalanche platform in real-time, ensuring compliance with regulatory standards and meeting the needs of institutional-grade trading platforms. The configuration of Evergreen subnets aids in integrating new technologies, enhancing transparency, optimizing capital utilization, and fortifying security measures.

Citi's intra-network RFS application harnesses Avalanche Warp Messaging (AWM), a technology facilitating network interaction within Avalanche chains without relying on third-party bridges or trust assumptions. While the current spotlight remains on simulating spot currency contracts for USD/SGD, this adaptable technology holds the potential for application across various asset classes.