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T. Rowe to Test Avalanche Blockchain in Renewed Push on Wall Street

  • Firms explore possible efficiencies of blockchain application
  • WisdomTree, Wellington and Cumberland included in partnership

T. Rowe Price Associates is among a group of Wall Street firms to test drive a new version of the Avalanche blockchain in a renewed push to explore how the technology could make financial transactions more efficient. 

The firm, along with Cumberland, WisdomTree Inc. and Wellington Management Group LLC, will start experimenting with financial trade execution and settlement on the blockchain with a new application called Spruce, according to a press release. The moves follow similar ones by KKR & Co. Inc. and Apollo Global Management Inc., which have put a portion of their funds on blockchains, and JPMorgan Chase & Co., which executed its first public blockchain trade last year.