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.
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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.