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Avalanche and Big Institutions Join Forces to Explore Benefits of On-Chain Trade Execution

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 partnership aims to test the advantages of executing and settling trades on-chain for various assets and applications.

Spruce is designed to address the challenges associated with permissioned DeFi, which limits the institutional adoption of public blockchain infrastructure.

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.

The Evergreen subnets are based on the Ethereum Virtual Machine (EVM), have a permissioned validator set, and a custom gas token to power transactions.

READ MORE: Is the US Headed for a Financial Meltdown? Bank of America Sounds the Alarm

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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