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Citibank is testing the issuance of tokenized securities on the blockchain

Citibank, the financial services and banking arm of Citigroup, announced on Wednesday that it is working with Ava Labs to test issuing tokenized securities on the Avalanche blockchain to expand adoption of distributed ledger technology on Wall Street. The results of this test will determine whether or not Citibank plans to offer its blockchain-based services in the near future. Also, the bank is working with Wisdomtree and Wellington to develop its "proof of concept" protocol. According to Citibank, the rules for the distribution of funds are embedded in the Wellington Fund smart contract, and Wisdomtree determines how tokens are distributed among customers