Citibank Tests Tokenization of Private Equity Funds on Avalanche

The firm tested a variety of use cases through Avalanche's subnet with a focus on private markets.

Citibank used layer-1 blockchain Avalanche’s (AVAX) Spruce Subnet to explore the tokenization of private equity funds to re-architect capital markets.

Citi worked with traditional finance giants WisdomTree and Wellington Management to carry out its proof-of-concept trial that was issued on Avalanche’s Spruce, according to a press release. Spruce is an Evergreen subnet designed for large financial institutions looking to use public blockchain infrastructure.