Citibank, one of the largest banks in the world, uses Avalanche (AVAX) for its tokenization efforts.
In a press release made by Citibank on February 14, it stated that in order to tokenize private equity funds, Avalanche’s (AVAX) Spruce It was stated that the subnet was used.
According to the statement, Citibank is located on Spruce.proof of concept testing” traditional financial giants to realize WisdomTree And Wellington Management He worked with.
Ava Labs senior director Morgan Krupetsky Speaking to CoinDesk on the subject, he focused on this important support for traditional finance giants:
Avalanche’s increasing use by leading financial services firms such as Citi, Wellington, WisdomTree, and DTCC Digital Assets continues to strengthen Avalanche as an enterprise blockchain leader.
Citi Digital Assets’ emerging solutions leader Nisha Surendranimplied that these testing phases were the first steps into a new market:
We believe that by testing the tokenization of private assets, we are exploring the feasibility of unlocking new business models and creating efficiencies for the broader market.
Avalanche and Citibank in November last year They announced that they had established a partnership for blockchain solutions, and this was positively reflected in the AVAX price.