Citi has successfully tested the blockchain infrastructure for simulating currency transactions on Avalanche Evergreen subnets. The financial sector and MAS worked together on the RFS Project Guardian. This study evaluated simulated spot trading on the USD/SGD currency pair. The underlying technology allows trading of many currency pairs, but is currently in testing mode and not available to customers.
AvaCloud, a managed blockchain service, was used to create an on-chain pricing solution. It tracks price quotes and trade execution on the Avalanche platform in real time in a manner that is compatible and meets the needs of institutional-grade trading platforms. Configuring Evergreen subnets helps integrate new technologies and improve transparency, capital efficiency, and security.
Citi’s on-chain RFS application uses Avalanche Warp Messaging (AWM), Avalanche’s network interoperability technology, to communicate across chains without third-party bridges or trust assumptions. The current focus is on simulated USD/SGD spot FX contracts, but the technology can be adapted to any asset class.
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