Top financial institutions adopt Avalanche’s Evergreen Subnet
Avalanche (AVAX) has unveiled the Evergreen Subnet, Spruce, in collaboration with several financial institutions including WisdomTree, Wellington Management, and more.
Participating institutions will use the Spruce solution as a testnet for various applications, including on-chain trade execution and settlement, asset tokenization, and more.
Avalanche Evergreen Subnet launched
Avalanche (AVAX), a super fast and scalable proof-of-stake (PoS)-based blockchain network with smart contracts functionality, has announced the launch of its Evergreen Subnet, Spruce, with several institutional partners.
Per a press release by the project, Spruce will make it possible for participating institutions, which includes T. Rowe Price associates, WisdomTree, Wellington Management, and Cumberland, to carry out various financial operations, such as on-chain trade execution and settlement, and more.
The team claims the new Spruce testnet is designed to enable buy-and-sell-side entities to interact with the blockchain in a low-risk manner.
Thanks to the valueless tokens available on the platform, participating institutions will be able to have firsthand experience of the Avalanche Evergreen Subnet architecture without having to risk their capital.
Participating institutions will be able to leverage the decentralized finance (DeFi) applications available on Spruce to carry out foreign exchange (FX) transactions, interest rate swaps, and more.
“Avalanche Spruce provides an opportunity to further explore the potential efficiencies and benefits of on-chain trading and settlement with other financial institutions. We are looking forward to experimenting in this EVM-based testing environment.”Will Peck, head of digital assets at WisdomTree.
At the time of writing, Avalanche’s native AVAX token is trading at $18.88, representing a 2.7% increase in the last 24 hours, according to CoinGecko.