Citi, Ava Labs Partner with MAS to Launch Blockchain App for FX Trading

By Sunil Sonkar
2 Min Read
Citi, Ava Labs Partner with MAS to Launch Blockchain App for FX Trading

Ava Labs is teaming up with Citi and the Monetary Authority of Singapore (MAS) to launch a blockchain app for foreign exchange (FX) trading. The app is a key part of Project Guardian and a big step forward in making forex trading smarter and more modern.

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Leveraging the power of the Avalanche blockchain, the application is meticulously crafted to simulate FX transactions, initially concentrating on the USD/SGD spot FX pair, with future plans for expansion to encompass other fiat currencies. It shows live prices and keeps records in a safe way that follows the rules set by institutions and regulators.

This new blockchain idea has special parts called Evergreens and private Avalanche subnets. They are like tools that work well with institutions and have custom-made permissions to keep things secure. The Spruce Evergreen Subnet helps institutions like WisdomTree get into on-chain finance like a special way for them to join in. AvaCloud, another integral component, delivers a controlled blockchain solution replete with high-level services catering to Web3 development.

John Wu from Ava Labs praised Avalanche for helping with money market solutions, especially its special way of making transactions fast. They also added Avalanche Warp Messaging (AWM) to make everything work together better.

The cool things in the new app are oracles that help messages go back and forth and it lets you check trades in real-time all in one place. Sam Hewson from Citi said the app follows the rules institutions and regulators set. Shobhit Maini, also from Citi, pointed out that it makes all the steps in trading work better, bringing lots of benefits.

Project Guardian’s collaborative efforts extend beyond Ava Labs, Citi and MAS with T. Rowe Price Associates, Inc. and Fidelity International also participating.

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