Avalanche Supports Citi FX Solution Under Project Guardian
Ava Labs’ AvaCloud, a managed custom blockchain service offering private and permissioned Avalanche blockchains, was used by Citi to test an innovative application leveraging blockchain infrastructure to price and execute simulated bilateral spot foreign-exchange (FX) trades (learn more here).
Citi’s on-chain solution provides and tracks real-time streaming of price quotes while also recording simulated trade executions on Avalanche, which supports the immutable, cryptographically secure record-keeping of trade data.
The application is part of Project Guardian, a collaborative initiative by the Monetary Authority of Singapore (MAS) and the financial industry. While the request for streaming (RFS) application tested simulated spot FX for the USD/SGD cross, the underlying solution could be used for trading any currency pair. The application is currently in trials and not available to clients.
Private permissioned Avalanche Evergreen Subnets were used for the current phase to capture price quotes, as well as simulated trade confirmations specific to each counterparty.
Avalanche Evergreens are blockchains customized for institutional applications and specifically designed for company-specific and industry-wide considerations. Built-in and further customizable features include EVM compatibility, permissioned validation, smart contract deployment, and transaction levels, as well as network privacy and custom gas features. Overall, Evergreen Subnets reap the benefits of public network development, innovation, and native integrations while enabling embedded, blockchain-level features only formerly possible in enterprise blockchains.
More broadly, blockchain, smart contracts, and tokenization are being increasingly seen as a way of improving legacy capital markets’ infrastructure and institutional workflows. WisdomTree and other Wall Street firms are already participating in Spruce, an Evergreen Subnet allowing institutions to test the merits of on-chain finance.
The Evergreens deployed for Citi’s Project Guardian initiative also leveraged Avalanche’s native intranetwork interoperability. As interoperability becomes increasingly important, Avalanche Warp Messaging (AWM) has emerged as another compelling network feature, which enables interoperability without third party bridges or trust assumptions.
"We are excited to see leading financial services institutions using Avalanche to develop innovative solutions for the foreign exchange market and the broader capital markets,” said John Wu, President of Ava Labs. “Avalanche's speed, scalability, and customizability make it the ideal platform for building on-chain applications that can meet institutional needs.”
About Ava Labs
Ava Labs makes it simple to deploy high-performance solutions for Web3, led by innovations on Avalanche. The company was founded by Cornell computer scientists, who partnered with Wall Street veterans and early Web3 leaders to execute a promising vision for redefining the way people build and use open, permissionless networks. Ava Labs is redefining the way people create value with Web3.
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Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs.