Avalanche and Big Institutions Join Forces to Explore Benefits of On-Chain Trade Execution
Avalanche has launched a new Evergreen subnet named "Spruce" in partnership with institutional investors T. Rowe Price Associates, WisdomTree, Wellington Management, and Cumberland.
The financial institutions will use Spruce as a testnet to measure the benefits of on-chain trade execution and settlement for various applications and assets without risking capital. Their wallets are issued non-transferable tokens after completing KYC checks.
This partnership comes just a week after Avalanche announced the launch of subnets for institutional blockchain deployment.
Other subnets launched by Avalanche include the Intain subnet for a tokenized Asset-Backed Securities marketplace and the Deloitte subnet for FEMA fund disbursements.
JPMorgan Chase, Goldman Sachs, and other financial institutions have also been exploring blockchain technology for several years.
At the time of writing, Avalanche’s native token, AVAX, is trading at $18.85 after a 4% increase in the past 24 hours.