In a week when the prices of Bitcoin, Ethereum and most altcoins were either falling or trading sideways; ETH competitor Avalanche (AVAX), named after it, is up over 30 percent. AVAX, which saw a weekly low of $ 77, rose to $ 116. This rise did not happen by accident – last week the cryptocurrency project received a huge boost from positive developments and partnerships.
These developments triggered the price of the popular altcoin AVAX
The first of the announcements for AVAX was an announcement by BitGo announcing that it would add support for AVAX. BitGo is one of the world’s largest crypto custodians with over $64 billion in assets under management. It was acquired by Galaxy Digital earlier this year for $1.2 billion and has since added more than $24 billion to its assets under management. It serves more than 400 corporate clients and more than 150 exchanges.
BitGo was equally excited to add AVAX to its list of supported cryptocurrencies. CEO Mike Belshe said his company was interested in the project after its explosive growth of 3,400 percent last year, adding:
Institutional investors can now access AVAX with the most secure custody offering on the market, and tens of millions of individual users have the potential to gain secure access through exchanges and platforms powered by our technology.
The CEO explained that as a result of the integration, exchanges working with BitGo can easily list AVAX. The first two are Bitstamp and Bitbuy, which will list AVAX in early 2022. To many, Avalanche is emerging as one of the top Ethereum competitors. cryptocoin.com As we reported, Bank of America this week described AVAX as a viable Ethereum alternative for its ability to scale.
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