Avalanche (AVAX) Attracts Financial Institutions With Evergreen Spruce Subnets

Avalanche attracts the attention of financial institutions. (Photo; Doc. Changelly)

JAKARTA - Avalanche Blockchain recently launched Subnet Evergreen Spruce, a trial network aimed at financial institutions. This step was followed by a number of well-known financial institutions such as T.Rowe Price, Wisdom Tree, Cumberland, and Wellington who have joined Subnet Evergreen Avalanche Layer 1, Spruce, to participate in the use of DeFi cases, foreign exchange exchange, and interest contracts.

In Subnet Evergreen Spruce, these institutions use valueless tokens, which allow them to experience Subnet Evergreen Avalanche functionality without financial risk. This shows the growing interest of traditional financial companies in adopting blockchain technology and crypto-related products.

Blue Macellari, Head of Digital Asset Strategy at T.Rowe Price Associates, stated that participation in the Avalanche Spruce trial network provides valuable opportunities for their company to deepen understanding of smart contract technology and potential blockchain applications in financial markets.

Launching CoinSpeller, Subnet Evergreen Avalanche will also be expanded to welcome more applications, assets, and third-party processes in the future. This provides opportunities for users to explore equity tokenization and credit, trade and fund management through blockchain.

In this context, the steps by financial institutions to join Subnet Evergreen Avalanche Spruce show their efforts to deal with technological changes in the financial sector. By using Subnet Evergreen as a trial network, these institutions can measure profits from trading execution and on-chain settlement.

Avalanche Blockchain continues to be an option for financial institutions in adopting blockchain technology and expanding the use of cases in financial markets. With Evergreen's growing Subnet, it is hoped that there will be more collaboration between the traditional financial sector and blockchain technology in the face of increasingly digital financial future.