Avalanche recently announced that it will support the Citi FX solution under project management. The network released an official post and tweet to inform users about the development.
The message stated that Citi used Avalanche to test an app to price and execute bilateral spot FX trades. Citi’s on-chain solution allows users to track real-time quotes. At the same time, the solution records simulated trade executions on the Avalanche network.
It supports cryptographically and immutably secure trading data recording. This application is a core part of Project Guardian, a partnership between the MAS (Monetary Authority of Singapore) and the financial market.
Recently, the platform requested testing of streaming applications and simulated spot FX trades for the USD-SGD cross. However, the underlying solution can also be useful for trading other currency pairs. Customers do not currently have access to the application as it is only in a pilot phase.
Avalanche reported that Citi Avalanche used Evergreen Subnets to capture current price quotes. The solution was also used to simulate trade confirmations specific to each counterparty.
Following the development, Avalanche’s price has increased by 3.12% in the past 24 hours. AVAX is currently priced at $35.23 and is registering a growth of 6.81% in the last 7 days. According to the latter AVAX forecastThe token is expected to end the year at $65.
Getting back to the latest collaboration, John Wu, the president of Ava Labs, also spoke about the news. According to Wu, everyone at Ava Labs is excited to see financial services companies using Avalanche to build innovative solutions for the capital and currency markets.
Avalanche’s scalability, customizability and speed make it ideal for developing on-chain apps that address institutional needs, Wu said.
The Avalanche community also praised the initiative and it is expected that it will also strengthen Avalanche’s market position.