[Citibank tests private equity fund tokenization on Avalanche subnet test network Spruce] Golden Finance reported that Citibank 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 that want to use public blockchain infrastructure. Citi’s new tests include end-to-end token transfers, secondary transfers to enable transactions, and new capabilities through mortgage verification. According to a press release, the bank’s proof-of-concept demonstrates how smart contracts can enable greater automation and potentially create better compliance and control for investors and issuers.