Avalanche (AVAX) turned out to be one of the biggest gainers among the top 100 cryptocurrencies. AVAX price jumped by a massive 19% over the 24 hours. This price surge comes in as Global banking giant Citi has unveiled that used Avalanche blockchain to test bilateral spot foreign exchange (FX) trades. Earlier, JPMorgan announced that it had tested tokenized portfolios with Avalanche.
Citi tests FX for MAS
Citigroup Inc (NYSE: C) announced that in partnership with the Monetary Authority of Singapore (MAS) it has developed Project Guardian. This application will be leveraging blockchain to optimize the pricing and execution of bilateral spot FX trades. It enables real-time streaming of price quotes and ensures secure, tamper-proof record-keeping on a blockchain.
It added that this on-chain solution is currently in a testing phase with USD/SGD. Meanwhile, this application is not yet available for clients but Citi’s move surely represents a strategic push towards foundational capabilities. This includes providing liquidity, pricing, and risk management across traditional and blockchain-based trading avenues.
It is important to note that Citi’s collaboration with Ava Labs and utilization of AvaCloud signals a surge in the adoption of blockchain technology. However, it is being used to optimize financial processes and foster innovation in institutional workflows.
AVAX up by 112% on YTD
Avalanche highlighted that private permissioned Avalanche Evergreen Subnets were used to capture price quotes and simulate trade confirmation. It added that these Subnets are equipped with features that bring an edge to public network development.
Avalanche is already riding on a high road as its native crypto AVAX price has surged by an impressive 146% over the past 30 days. However, AVAX has managed to deliver around 112% of return on investment (ROI) on the year to date (YTD) basis.
AVAX breached the much anticipated price barrier of $23 in the morning. However, Avalanche is trading at an average price of $22.59, at the press time. Its 24 hour trading volume is up by 60% to stand at around $2 billion.