Fireblocks has launched support for Avalanche’s subnet, Spruce, an EVM-based testnet built for institutional blockchain deployments.
Spruce is intended to be used by buy and sell-side institutions looking to experiment with blockchain infrastructure in a low-risk environment. Institutional participants have already begun onboarding onto the testnet, and will be using it to evaluate the advantages of executing and settling trades on-chain for different assets and applications.
The benefits of utilizing Spruce as a buy and sell-side institution include:
- Permissioned access – the Subnet offers a permissioned validator and user set, so only KYC’d entities can join.
- Sampling of DeFi applications – various bluechip applications have launched on the Subnet, enabling institutions to experiment with blockchain rails and decentralized applications in a controlled environment.
- Testnet environment – Spruce was built as a testnet, which allows institutional participants to experience the full functionality of Avalanche’s Subnet architecture without putting capital at risk.
This is another exciting step forward for digital asset adoption in financial services. The Spruce subnet is gaining momentum with some of the biggest players because it enables buy- and sell-side institutions to engage with public blockchain infrastructure in a low-risk manner.
As of today, Fireblocks users can custody the Spruce subnet token and initiate transactions on Spruce testnet directly from the Fireblocks console and API.
