The post Avalanche (AVAX) Surges 134% as Citi Explores Tokenization appeared on BitcoinEthereumNews.com.

Avalanche has once again proven its suitability for tokenization in a recent Citi exploration. Avalanche has been making a series of impressive partnerships all boosting its market valuation. Avalanche (AVAX), a prominent decentralized platform has surged 138% in value over the past year, fueled by Citigroup bank’s exploration of tokenization on its Spruce Subnet. Tokenization on Avalanche’s Spruce Subnet Citi’s exploration of tokenization on Avalanche’s Spruce Subnet marks a huge milestone in the evolution of Decentralized Finance (DeFi) and asset tokenization. The experiment, conducted in collaboration with Wellington Management and WisdomTree, aimed to assess Avalanche’s potential to transform capital markets and enhance financial services. Utilizing Avalanche’s Spruce testnet, specifically tailored to meet the needs of financial enterprises, Citi delved into the tokenization of private equity funds. By encoding compliance and identity rules into Avalanche smart contracts, Citi successfully issued tokens representing a Wellington private equity fund to a WisdomTree wallet.  Secondary transfers between WisdomTree wallets and collateralized lending were also tested, demonstrating the platform’s versatility and efficiency. Following the completion of the experiment, Citi praised Avalanche’s tokenization capabilities, citing benefits such as greater automation, data transparency, and operational efficiency.  The successful integration of blockchain technology into traditional financial instruments highlights the potential for blockchain to reshape legacy systems and unlock new avenues for value creation. In addition to its collaboration with Citi, Avalanche has been making strides in its technological advancements. The recent deployment of the Durango upgrade on the Fuji Testnet marks an important step forward for the platform. The upgrade introduces native transfers to the Platform Chain (P-chain), enhancing asset management capabilities and facilitating subnet ownership transfers. Furthermore, the Durango upgrade aims to improve the developer experience by enhancing error signaling and removing staking Start-Time settings. These enhancements pave the way for greater efficiency and continuous staking opportunities,…

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Filed under: News - @ February 17, 2024 6:06 am