tl;dr
American investment bank Citi and asset manager Fidelity have collaborated to create a blockchain-based investment fund for real-time settlements. The fund, called a money market fund (MMF), utilizes digital foreign exchange (FX) swap and can execute multi-asset transactions on-chain, addressing lim...
American investment bank Citi and asset manager Fidelity have collaborated to create a blockchain-based investment fund for real-time settlements. The fund, called a money market fund (MMF), utilizes digital foreign exchange (FX) swap and can execute multi-asset transactions on-chain, addressing limitations of traditional market infrastructure. The tokenized MMF aims to streamline treasury management, eliminate delays, and provide real-time liquidity and FX risk management for investors.
Citi and Fidelity anticipate the tokenized MMF to potentially become a rapidly growing digital asset class, generating an estimated $400 billion in annual returns by 2030. This on-chain solution is being presented at the Singapore FinTech Festival 2024.
American investment bank Citi and asset manager Fidelity have teamed up to develop a blockchain-based investment fund that can power real-time settlements. In a statement , Citi and Fidelity International introduce the proof-of-concept of an on-chain money market fund (MMF) with digital foreign exchange (FX) swap that can execute programmable multi-asset transactions on-chain, which is not possible with traditional market infrastructure. The two firms say the tokenized MMF has the potential to enable seamless management of treasury positions and eliminate delays. It can also allow investors to access foreign cash funds while enabling them to manage liquidity and FX risk in real time.
Citi and Fidelity International developed the tokenized MMF amid optimism that it could become the fastest-growing digital asset class and generate $400 billion in annual returns by 2030.
Says Sam Hewson, global head of FX Sales at Citi, “As tokenization continues to evolve in capital markets, we see a potential future in which investors could trade and settle digital assets in real-time, in different currencies, and across multiple distributed ledger technology platforms. FX markets could enable investors to quickly and efficiently access digital assets globally, with timely liquidity.” The on-chain solution is being showcased at the Singapore FinTech Festival 2024 from November 6th to November 8th.
More about Emeren Group Ltd
Stock Summary:
Company: ReneSola Ltd
Industry: Manufacturing, Semiconductors & Related Devices
Market Cap: 112,761,000
Dividend Yield: None
EPS: -0.31
PE Ratio: 1.915
ROE: -0.163
Volume: 103,577,000
50-Day Moving Average: 5.33
Relative Strength Index (RSI): -0.924
Stochastic Oscillator: -0.112
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Technical Analysis Summary Market Analysis Summary
Based on the analysis of moving averages and the RSI, the stock is currently exhibiting strong bullish momentum.
The Bollinger Bands indicate a potential breakout, suggesting a continuation of the upward trend.
However, caution is advised as the stock price approaches a key resistance level, which may lead to a temporary pullback.
Traders should closely monitor the price action for confirmation of a sustained breakout before considering new long positions.
Disclaimer: Technical analysis is not a guarantee of future performance and involves the risk of financial loss.