ChainCatcher news, according to CoinDesk, Citibank has partnered with traditional financial giants WisdomTree and Wellington Management to conduct a proof of concept for the tokenization of private equity funds on the Avalanche subnet Spruce, testing various use cases including end-to-end token transfers, secondary transfers for trading, and validating new features through collateralized loans.It is reported that the Spruce subnet is specifically designed for large financial institutions looking to utilize public blockchain infrastructure.

ChainCatcher news, cryptocurrency custody technology provider Fireblocks announced support for the Avalanche subnet testnet Spruce. Fireblocks users can custody Spruce subnet tokens and initiate transactions on the Spruce testnet directly from the Fireblocks console and API.Previously reported, on April 13, Avalanche launched the Evergreen subnet testnet Spruce, with initial institutional partners including T. Rowe Price Associates, WisdomTree, Wellington Management, and Cumberland. Participating institutions will use Spruce as a testnet for various applications and assets to measure the benefits of on-chain transaction execution and settlement. (Source link)

ChainCatcher news, Avalanche announced the launch of the testnet Spruce for the Evergreen subnet. The initial institutional partners for this testnet include T. Rowe Price Associates, WisdomTree, Wellington Management, and Cumberland. Participating institutions will use Spruce as a testnet for various applications and assets to measure the benefits of on-chain transaction execution and settlement.The Spruce testnet is designed to allow institutional participants on both sides of a transaction to engage with public blockchain infrastructure in a low-risk, low-barrier manner. Using worthless tokens enables institutional participants to experience the full capabilities of the Avalanche subnet architecture without putting funds at risk.Previously on April 6, Avalanche announced the launch of the Avalanche Evergreen subnet, which will be a set of institutional blockchain deployment services and tools specifically designed for financial services. (Source link)