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Citi Bank Experiments with Tokenizing Private Equity Funds on the Avalanche Platform

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Using Avalanche’s subnet, the company investigated a range of use cases, concentrating on private markets.

In order to re-architect capital markets, Citi Bank investigated the tokenization of private equity funds using layer 1 Avalanche’s (AVAX) Spruce Subnet.
Citi conducted a proof-of-concept trial on Avalanche’s Spruce in collaboration with established financial titans WisdomTree and Wellington Management, per a news release. For large financial organizations wishing to leverage public blockchain technology, Spruce is an Evergreen subnet.

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The latest venture from a Wall Street behemoth seeking to go deeper into the use cases of blockchain adoption is Citi’s entry into the network. In an effort to improve trade execution and settlement efficiency, TradFi companies including T. Rowe Price, WisdomTree, Wellington Management, and Cumberland joined the network in April of last year.

End-to-end token transfers, secondary transfers to facilitate trading, and the validation of new capabilities through collateralized loans were all included in Citi’s latest test.

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According to the news release, the bank’s proof-of-concept showed how smart contracts can allow for more automation as well as possibly improve compliance and controls for issuers and investors.

Nisha Surendran, emerging solutions head for Citi Digital Assets, stated, “We believe that by testing the tokenization of private assets, we are exploring the feasibility to open-up new operating models and create efficiencies for the broader market.”CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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