According to a new report by Galaxy Digital, an Ethereum (ETH) competitor is taking “significant strides” in terms of increasing institutional adoption.
Digital asset investment management company, smart contract platform Avalanche (AVAX) He says it has already gained “pretty significant momentum” in terms of decentralized finance.
Galaxy Digital also states in its report that Ava Labs, the technology company behind Avalanche, hopes to make progress in the traditional financial sector.
“As an example, ReTok Finance, which wants to offer partial ownership, has chosen to build on Avalanche to realize this plan. In addition, Ryval introduced Initial Litigation Offerings (ILO), a litigation financing product, to users on the platform so that individuals can sue or arbitrate in civil lawsuits. It can be performed on the platform; Many other token use cases, including security tokens, have yet to materialize.”
Galaxy Digital also cites multiple partnerships that Avalanche secured in November and December, including a strategic partnership with Deloitte, the Big Four accounting firm (the four largest accounting firms in the United States by revenue).
As previously stated by KoinFinans, Deloitte, which provides auditing, advisory, tax and advisory services to 90 percent of Fortune 500 companies, has deployed the Avalanche blockchain to Close As You Go, a new disaster recovery platform designed to facilitate repayments for victims of natural disasters. Collaborated with Ava Labs to include
Galaxy Digital also talked about the selection of Ava Labs in Mastercard Start Path Crypto, a start-up engagement program focused on blockchain technology use cases. According to the firm, as a result of being selected in this project, the Ethereum competitor; “It is expected to provide greater connectivity with the global fintech ecosystem.”
AVAX is trading at $79.12 at the time of writing, up nearly 7 percent in the last 24 hours.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.