T. Rowe Price, WisdomTree join Avalanche subnet for forex testing By Cointelegraph

Financial market firms T. Rowe Price Associates, WisdomTree, Wellington Management, and Cumberland have joined an (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.

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. Interest-rate swaps will also be tested early on. Over the long run, successful tests will allow these firms to experiment with further attempts at blockchain settlement, including “the exploration of tokenized equity and credit issuance, trading, and fund management.”