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The US-based Citibank has announced that it used the Avalanche (AVAX) Spruce Subnet to test private equity tokenizations. Last year, JPMorgan had also used Avalanche for portfolio management. This kind of news is seen as positive for the use of cryptocurrencies in other fields.
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WisdomTree, Wellington Management, T. Rowe Price Associates and Cumberland also participated in this tokenization test with Citibank. The work was also jointly conducted.
Last year in April, these companies had also joined the Avalanche subnet mainly for efficient trading.
Ava Labs Business Development Director Morgan Krupetsky made some statements on her X (Twitter) account.
After launching Avalanche Spruce, an Evergreen Subnet built for buy- & sell-side FIs to measure the benefits of on-chain finance, today marks a major update as @Citi & @The_DTCC_DA join the network & test the benefits of private market tokenization with key asset managers… https://t.co/U2BrtVvb4X
— morgan “tokenization queen” krupetsky (@MorganKrupetsky) February 14, 2024
According to Morgan Krupetsky, ‘after launching Avalanche Spruce, an Evergreen Subnet to measure the benefits of on-chain financing, there will be a major update with the joining of Citibank to the network’.
Also, a statement came from Citibank. Nisha Surendran said the following:
‘We believe that with the private asset tokenization test, we are exploring the feasibility of efficiency in opening up new operational models and reaching a wider market’