The Avalanche public blockchain recently introduced permissioned mini networks or subnets for enterprise use cases. Now several institutions are joining the ‘Spruce’ test net to participate in DeFi use cases, including FX and interest rate swaps. The institutions include T.Rowe Price (AUM $1.3 trillion), Wellington Management (AUM $1.4 trillion), WisdomTree and Cumberland.
Because Spruce is a test net, the experimentation involves valueless tokens allowing testing without risk. Spruce is an ‘Evergreen’ subnet, essentially a private, permissioned chain with institutional validators. However, it can interoperate with the rest of the Avalanche public blockchain ecosystem.
Unsurprisingly participants have to go through know your customer checks at onboarding with the proof stored in a non transferrable token in their wallet.
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