While blockchain technology appealed to a handful of technopaths when it first emerged, today the most well-known industries and institutions want to benefit from new technology.
Some important institutions operating in Wall Street, the heart of the financial sector, announced that Avalanche will test its new product, which it announced last week.
Companies such as Cumberland, WisdomTree, T. Rowe Price and Wellington Management have repeatedly stated that Avalanche will test the Evergreen subnet, which it calls Spurce.
Financial institutions participating in the test aim to experience how the Spurce network will reduce costs and facilitate transactions such as currency-interest swaps.
Speaking to the press after the announcement, T. Rowe Price executive Blue Macellari gave the following words:
“The Spurce network is an important opportunity to explore new technologies without risking our capital. The current state of the DeFi industry does not provide sufficient criteria for direct corporate involvement.”
Costs can be reduced by 80%!
Blockchain technology has significant claims on transaction costs as well as decentralization. According to a report by stablecoin issuer Circle, if the $7.2 trillion money market operates in the crypto environment, transaction costs will drop by 80%.