Avalanche has introduced its latest Evergreen subnet, “Spruce,” with support from institutional partners T. Rowe Price Associates, WisdomTree, Wellington Management and Cumberland. These financial institutions will utilize Spruce as a testnet to evaluate the advantages of executing and settling trades on-chain for different assets and applications, according to a blog post from Avalanche on Wednesday.

The dapp platform said that its Evergreen subnets — specifically Spruce — are designed to “address many of the issues with permissioned DeFi precluding broader institutional adoption of public blockchain infrastructure.”

Several financial institutions have signed on to use Spruce as a testnet for a “variety of applications and assets to measure the benefits of on-chain trade execution and settlement.”

According to the blog post, the testnet will allow “institutional participants to experience the full functionality of Avalanche’s subnet architecture without putting capital at risk.”

The wallets used by the institutions are issued non-transferable tokens once the know-your-customer (KYC) checks are passed. The Evergreen subnets are chains based on the Ethereum virtual machine (EVM) with a “permissioned validator set and a custom gas token to power transactions.”

The news that multiple firms had signed on to the Evergreen subnet comes less than a week after Avalanche announced the launch of the subnets, specifically for institutional blockchain deployment.

On April 6, Avalanche said that traditional financial institutions would be able to “pursue their blockchain and digital asset strategies in private, permissioned chains with known and approved counterparties, while retaining the ability to communicate and interoperate with other Subnets through Avalanche’s native communication protocol called Avalanche Warp Messaging (AWM).”

Avalanche also launched other subnets including a tokenized Asset-Backed Securities marketplace called Intain subnet. Through a strategic partnership with Deloitte, it also created the Deloitte subnet, which is a platform for FEMA fund disbursements.

The above financial institutions are not the first ones to make the foray into blockchain technology, however. JPMorgan Chase, Goldman Sachs, and others have been exploring the space for years.

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Avalanche (AVAX), a prominent cryptocurrency, recently experienced a significant support zone and displayed an upward move, making it the second top gainer of the day. This article aims to highlight the key price levels to watch for AVAX following its notable increase of 12.75% and the crucial support level it found at $12.30. Additionally, potential resistance levels and important support levels will be discussed, considering the coin's upward momentum and possible influencing factors. #AVAX $AVAX #AVALANCHE #TRADE

Price Levels to Watch:

Resistance Levels:

a) $14.60: Once AVAX sustains its upward momentum, this level could serve as an initial resistance point.

b) $16.75: The $16.75 region holds crucial significance as it will determine the coin's further progress. The battle between buyers and sellers may intensify within this critical price range in the short to medium term.

c) $18.50: If AVAX successfully surpasses the $16.75 level, $18.50 becomes the subsequent resistance level to monitor.

d) $20.25: In the event of sustained upward momentum, AVAX could potentially target this level as another resistance point.

Support Levels:

a) $12.60: In case the strength within the AVAX pair weakens or negative news regarding the Avalanche ecosystem emerges, this level may act as an immediate support level.

b) $12.30: AVAX found significant support at this critical level, which led to the recent price increase. If there is a retracement, it is essential to monitor whether this level continues to provide support.

c) $11.80: A further decline in price could bring AVAX to this support level, where buying pressure may emerge.

d) $11.15: If the downward movement continues, $11.15 becomes another level to observe for potential support.

e) $10.00: Breaching the $10.00 level downward might initiate a new wave of selling pressure for AVAX.