Citibank has partnered with traditional financial giants WisdomTree and Wellington Management to conduct a proof-of-concept trial on Avalanche's Spruce. Spruce is an Evergreen subnet designed for large financial institutions looking to use public Blockchain infrastructure.

Citi's new testing includes end-to-end Token Transfers, Secondary Transfers to enable transactions, and new features to validate with mortgages. According to the press release, the bank's proof of concept showcased how smart contracts can enable greater automation and potentially create better compliance and control for investors and issuers.
Nisha Surendran, Head of Emerging Solutions at Citi Digital Assets, said: "We believe that by testing the token of private assets, we are exploring the feasibility of opening up new operating models and creating efficiencies for the broader market. ”（CoinDesk）