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Avalanche surging on Deloitte partnership

Avalanche surging on Deloitte partnership

Avalanche has been hitting the heights under its own steam, with a surge from $84 to $146 over the last week. News that Ava Labs has partnered with Deloitte is adding fuel to the price pump.

$AVA, the native token of the Avalanche ecosystem, has moved up to tenth place in market cap ranking according to Coingecko, and has now surpassed the meme coins Dogecoin and Shiba Inu, in 11 and 12 positions respectively.

It’s good to see a layer one blockchain with fast and cheap transactions taking over from hype-based cryptos with absolutely no fundamental value underpinning them.

The deal between AVA Labs and Deloitte will enable the layer one blockchain to construct more efficient disaster relief platforms.

In a Bloomberg article on the deal, Jonathan Cheeseman of the FTX exchange platform was quoted as saying:

“It’s another example of faster, cheaper Ethereum competitors doing well. There’s a huge wealth effect and a lot of opportunistic and mobile capital.”

Also, in a quote from a Medium article released by Avalanche on the subject, it is explained how Deloitte’s “Close As You Go” platform is to operate on the Avalanche blockchain:

Using the Avalanche blockchain, CAYG’s cloud-based platform provides state and local officials with a decentralized, transparent and cost-efficient system that empowers both grant makers and funding recipients while minimizing fraud, waste and abuse.

The secure environment provided by Avalanche’s blockchain technology quickly gathers, processes and authenticates required documentation, ultimately improving the accuracy of federal disaster claims. Avalanche is also an eco-friendly platform, which aligns with Deloitte’s commitment to green technology.

In a crypto market where most cryptocurrencies are currently down, $AVA is up around 6% on the day so far, and may well go on to challenge its previous all-time-high of yesterday at $147.

Avalanche is a layer one that provides far cheaper and faster transactions than Ethereum currently, and together with the $200 million Blizzard fund to foster development on Avalanche, it puts it in a good position to continue eating into Ethereum’s dominance.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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