T. Rowe Price, WisdomTree join Avalanche subnet for forex testing
If initial tests are successful, the firms will expand their activities into tokenized credit issuance and equities. Financial market firms T. Rowe Price Associates, WisdomTree, Wellington Management, and Cumberland have joined an Avalanche (AVAX) subnet to test the idea of blockchain-based foreign exchange, according to an announcement from the Avalanche team. The new subnet is called “Spruce,” and is part of Avalanche’s Evergreen Subnet ecosystem. Following last week’s Avalanche Evergreen announcement, today marks the launch of the Spruce Subnet! Institutional partners including @TRowePrice, @WisdomTreeFunds, @Wellington_Mgmt & @CumberlandSays will use Spruce to test public blockchain applications. https://t.co/1KLzxcUCSB pic.twitter.com/xvaUmKO3BV — Avalanche (@Avax) April 12, 2023 According to the announcement, institutions will initially use “valueless tokens” on Spruce to ensure they can conduct foreign exchange, or forex, transactions without losing capital. Inter...