Qredo Partners with Avalanche for Launch of First-Ever Evergreen Subnet

Published Apr 12, 2023
By Qredo Team

12 April 2023 – Qredo, a leading provider of institutional-grade digital asset self-custody solutions, is pleased to announce its participation as one of the institutional partners in the Avalanche Spruce testnet.

Avalanche has provided Qredo with access to the Spruce testnet via MetaMask Institutional and WalletConnect. Qredo will be utilising the Spruce testnet to assess various applications and assets so as to understand the potential benefits of on-chain trade execution and settlement. 

Qredo sees Avalanche Spruce, and more broadly, Avalanche Evergreen Subnets, as a meaningful step in exploring the transformative possibilities of digital finance.

"We are excited to experiment with this technology to determine its suitability for institutional workflows and its potential to reduce costs, thus adding value for our users." 

Julien Auchecorne, CCO of Qredo

The Spruce testnet aims to remove risks and barriers to entry for buy- and sell-side institutions when engaging with public blockchain infrastructure. By using valueless tokens, institutional participants can experience the full functionality of Avalanche's Subnet architecture without putting capital at risk. 

In the current phase of Spruce, institutional partners will use DeFi applications to trade foreign exchange (FX) and interest rate swaps. Other areas are also actively under research and development. The potential benefits of on-chain FX and cross-border payments include payment-vs-payment transactions, atomic settlement, and reduced counterparty risk. 

Future phases of Spruce will welcome additional applications, assets, and processes, including the exploration of tokenized equity and credit issuance, trading, and fund management. Participating partner institutions' feedback about Subnet architecture, integrations, and capabilities will be crucial in ensuring a successful and scalable Mainnet implementation. 

Upon onboarding, Qredo's wallet addresses will be granted access and be placed in an allowlist, monitoring access at the chain level. Smart contract deployers who have integrated key infrastructure and applications will also undergo this onboarding process for their activity on Spruce. 

Qredo looks forward to continuing its collaboration with Avalanche in exploring the potential of digital finance through Spruce and Avalanche Evergreen Subnets. 

About Qredo

Qredo is a leading provider of institutional-grade digital asset self-custody solutions. The company's distributed multi-party computing (dMPC) technology provides a secure and regulated environment for customers to store, transfer, and manage their digital assets. 

Contact: [email protected]