Citibank and Fidelity jointly launch the concept verification of digital foreign exchange swaps
News on November 4th, traditional financial giants Citibank and Fidelity Investments have developed a proof of concept for a digital foreign exchange (FX) swap to trade in on-chain money market funds (MMF). The proof of concept will be demonstrated at the Singapore FinTech Festival from November 6th to 8th, showing investors how to settle multi-asset positions in real time.
It will also enable investors to access higher returns from foreign currency cash funds by investing in money market funds denominated in other currencies, thereby diversifying their portfolios, as mentioned in Monday's announcement.
Citibank and Fidelity developed this proof of concept under the Project Guardian of the Monetary Authority of Singapore (MAS), which focuses on advancing tokenization common standards. Tokenization is a term for casting financial instruments into digital assets and trading them on-chain. It is a method that many traditional financial giants are exploring with an aim to improve the efficiency of global financial markets.
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