Wisdom Tree and T. Rowe are among the TradFi firms that will test Avalanche’s Blockchain subnet.
Financial institutions such as T. Rowe, Wisdom Tree, Wellington and Cumberland are joining Avalanche’s (AVAX) Evergreen subnet “Spruce” to make trade execution and reconciliations more efficient.
Avalance’s Layer-1 Subnet Spruce Gets Interest
Financial institutions that will join Avalanche’s Evergreen subnet Spruce include investment management firm T. Rowe Price Associates, ETF provider Wisdom Tree, asset management firm Wellington Management, and Cumberland, liquidity provider for crypto markets.
Avalanche’s Evergreen subnet Spruce falls under ‘Evergreen Subnets’, which aims to offer a range of Blockchain distributions and tools. Spruce is designed as an Ethereum Virtual Machine (EVM) based chain with a set of allowed validators and a proprietary gas token to power transactions.
By using Spruce as a testnet, financial institutions will be able to evaluate the benefits of on-chain trading execution and clearing for a variety of applications and assets where they can measure it. The testnet will use worthless tokens, allowing institutions to experience the full functionality of Avalanche’s subnet architecture without risking capital.
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