Ethereum (ETH) competitor Avalanche (AVAX) The price reached new highs after Big Four (the four largest auditing, accounting, consulting firms in the world) accounting firm Deloitte signed a partnership agreement with Ava Labs, the technology company behind the smart contract platform.
Deloitte provides auditing, consulting, tax and advisory services to 90 percent of Fortune 500 companies. The firm is partnering with Ava Labs to use the Avalanche blockchain in a new disaster recovery platform for natural disaster victims called Close As You Go (CAYG), designed to simplify reimbursements.
“Using the Avalanche blockchain, CAYG’s cloud-based platform offers state and local authorities; It provides a decentralized, transparent and cost-effective system that empowers both donors and recipients while minimizing fraud, waste and abuse.”
After Avalanche announced the partnership on Tuesday, the price of AVAX has skyrocketed, with the crypto asset consistently hitting new all-time highs. The altcoin, which peaked at $110.66 four hours ago, is trading at $107.40 at the time of writing, close to its ATH.
Like Ethereum, the Avalanche blockchain is a platform that allows developers to build decentralized applications (DApps), financial platforms, and private blockchains.
Earlier this week, a lending and borrowing protocol built on Avalanche, BENQI (QI) Its native token also rose 60 percent from just $0.17 to $0.26 after a surprise listing by crypto exchange Binance. At the time of writing, QI has lost its gains and is trading at $0.17.
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.crv