Avalanche recently announced supporting Citi FX solution under project guidance. The network released an official post and tweet to inform users about the development.
The post read that Citi leveraged Avalanche to test an app to price and execute bilateral spot FX trades. With Citi’s on-chain solution, users can track real-time price quotes. At the same time, the solution records simulated trade executions on the Avalanche network.
It supports cryptographically and immutably secure trade data record-keeping. This application is a core part of Project Guardian, a collaborative effort by the MAS (Monetary Authority of Singapore) and the financial market.
Recently, the platform requested streaming application testing and simulated spot FX trades for the USD-SGD cross. However, the underlying solution can also be useful for trading other currency pairs. Clients cannot access the application right now as it is only in trials.
Avalanche reported that Citi used Avalanche Evergreen Subnets to capture the current price quotes. The solution was also used to simulate trade confirmations specific to every counterparty.
After the development, Avalanche’s price has jumped 3.12% in the past 24 hours. AVAX is currently priced at 35.23 dollars, registering 6.81% growth in the past 7 days. According to the latest AVAX prediction, the token is expected to end the year at 65 dollars.
Coming back to the latest collaboration, John Wu, Ava Labs’s president, also addressed the news. According to Wu, everyone at Ava Labs is thrilled to see financial services institutions leveraging Avalanche to build innovative solutions for capital and foreign exchange markets.
Avalanche’s scalability, customizability, and speed make it ideal for developing on-chain apps that address institutional needs, added Wu.
The Avalanche community also praised the initiative, and it is expected to boost Avalanche’s market position as well.