HomeNewsAvalanche's Spruce Subnet Powers Citi's Tokenization Experiment, AVAX Price Soars

Avalanche’s Spruce Subnet Powers Citi’s Tokenization Experiment, AVAX Price Soars

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  • Citi explores fund tokenization in Avalanche, highlighting improvements in automation and data management in financial markets.
  • Avalanche’s Durango update introduces cross-chain messaging and staking optimizations, enhancing the developer experience.

Citi has conducted tokenization testing of private investment funds through Avalanche’s Spruce Subnet. This initiative, in collaboration with Wellington Management and WisdomTree, has highlighted Avalanche’s ability to transform capital markets and refine financial services.

Such innovation has sparked remarkable interest from both institutions and individuals, reflected in a 134% increase in the value of its cryptocurrency over the past year.

Avalanche Encourages Financial Innovation

Citi’s experimentation with tokenization on Avalanche’s Spruce test network revealed that this technology promotes automation and improves data management in capital markets.

Avalanche Durango update , recently deployed on the Fuji testnet, introduces crucial enhancements such as cross-chain messaging, staking optimizations and more advanced error handling, enriching the developer experience .

The launch of an NFT-based loyalty program by the Empire State Building, using Avalanche, highlights the network’s ability, speed and scalability to manage a broad user base.

Citi Explores Tokenization on Avalanche

Citi’s trial on the Spruce Subnet, designed specifically to serve financial corporations because of its permissioned structure, facilitated the exploration of solutions against opacity, lack of automation and standardization in markets with a managed value of $10 trillion.

In this trial, Citi succeeded in tokenizing a Wellington private equity fund, integrating complex compliance and identity rules into Avalanche smart contracts, and testing secondary transfers and secured lending.

Details of Avalanche’s Durango Upgrade

Activated on the Fuji testnet since February 13, the Avalanche Durango Update includes Avalanche Key Community Proposals (ACPs), bringing native transfers to the Platform Chain (P-chain) and supporting the change of ownership of sub-networks.

A highlight is the incorporation of Avalanche Warp Messaging (AWM) into the Ethereum Virtual Machine (EVM), enabling direct communication between Avalanche subnetworks and the Contract Chain (C-Chain), which significantly improves cross-chain interoperability.

Empire State NFT Loyalty Initiative on Avalanche

The Empire State Building has launched an NFT loyalty program, in partnership with the Web3 Uptop platform and based on the Avalanche blockchain, to honor and reward its more than 4 million annual visitors.

This program awards NFTs as digital keepsakes that offer rewards with each new visit, demonstrating Avalanche’s scalability and ability to serve a large number of users.

This set of initiatives highlights Avalanche’s adaptability and leading edge in the financial sector and beyond. Avalanche’s tokenization of assets and implementation of innovative loyalty programs not only improve the efficiency and security of financial services, but also open up possibilities for richer and more rewarding digital interaction for users and institutions alike.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628