TechFlow news: Citigroup, in collaboration with T. Rowe Price and Fidelity International as part of the Monetary Authority of Singapore's Project Guardian tokenization initiative, has developed a foreign exchange solution. The solution was piloted on the Avalanche blockchain, using oracles to stream real-time USD/SGD spot FX prices onto the blockchain.
This enables both parties in a trade to engage in bilateral messaging, after which the smart contract selects a price and records the transaction immutably on the blockchain.
The initiative marks a significant step toward unlocking a blockchain-based, fully end-to-end trading lifecycle.
T. Rowe Price, with $1.3 trillion in assets under management, has been developing foreign exchange swaps (FX Swaps) on Avalanche for some time.
Citigroup has recently increased its blockchain activities, including launching the Regulated Liability Network and Citi Token Services, as well as implementing practical use cases on smart contract platforms.
