Citi partners with T. Rowe Price and Fidelity International to test foreign exchange solutions based on Avalanche

Odaily News Citibank has developed a public blockchain foreign exchange solution as part of the Monetary Authority of Singapore’s tokenization initiative Project Guardian. Citi has partnered with T. Rowe Price and Fidelity International to develop a permissioned instance of the Avalanche blockchain. It is reported that T. Rowe Price has an asset management scale of US$1.3 trillion and has been developing foreign exchange swaps (FX Swaps) on Avalanche for some time. “While blockchain has demonstrated the possibility of streamlining post-trade processes, our goal is to drive improvements at all stages of the trading cycle, including pre-trade and execution,” said Shobhit Maini, co-head of digital asset markets at Citi. (Ledger Insights)