Avalanche (AVAX) Price Shoots by Staggering 25% amid JPMorgan and Citi Embrace

As the altcoin market buzzes with strong activity, Avalanche’s native cryptocurrency AVAX has registered a staggering 25% gain in the last 24 hours, with its price surpassing $22.57.

The latest AVAX price rally comes on the backdrop of strong developments within the Avalanche ecosystem. In a groundbreaking move, Onyx by JPMorgan and Apollo Global have announced a collaborative venture under Project Guardian. This strategic partnership leverages the expertise of LayerZero Labs to connect Onyx with a permissioned Avalanche Evergreen Subnet, enabling seamless subscriptions and redemptions for funds offered by WisdomTree Prime.

Onyx by @jpmorgan and @apolloglobal have announced a collaboration under Project Guardian, leveraging @LayerZero_Labs to connect Onyx with a permissioned Avalanche Evergreen Subnet, which facilitated subscriptions and redemptions for funds offered by @WisdomTreePrime. pic.twitter.com/AjQtLNKCKG

— Avalanche (@avax) November 15, 2023

The Proof of Concept (POC) unveiled through this collaboration showcases the potential of blockchain technology and tokenization to automate portfolio management. While the concept has successfully operated in a testnet environment, it signifies a crucial initial step toward revolutionizing the asset and wealth management industry.

Avalanche Evergreen Subnets stand out as individual blockchains tailored to meet institutional needs, incorporating features such as EVM compatibility, network privacy, custom gas features, and permissioning at various levels – validation, smart contract deployment, and transaction levels.

Key players in the financial services sector are increasingly recognizing blockchain as a transformative force capable of enhancing capital markets infrastructure and institutional workflows. WisdomTree, among others, engages actively with Spruce, a separate Evergreen Subnet, providing institutions with the opportunity to evaluate the benefits of on-chain finance.

This collaborative initiative strongly aligns with Ava Labs’ mission to furnish tools and technology for the digitization and tokenization of global assets. Thus, it helps in harnessing the speed, scalability, and customizability inherent in the Avalanche network.

Citi Group Taps Ava Labs

In another similar partnership as part of the popular Project Guardian, Citi, a prominent global bank, has selected Avalanches’s AvaCloud, described as “a managed blockchain service enabling teams to rapidly build, deploy, and scale decentralized networks tailored for any use case.” This choice was made to construct an innovative application leveraging blockchain infrastructure for pricing and executing bilateral spot foreign-exchange (FX) trades.

Developed in collaboration with the Monetary Authority of Singapore (MAS) and the country’s financial industry, the application underwent testing for Spot FX on the USD/SGD pair. Notably, its adaptability allows it to be customized for any fiat currency pair.

The completed phase of the application utilized a private permissioned blockchain instance from the Avalanche protocol. This instance was also instrumental in recording price quotes and trade confirmations for all parties involved in the process. Shobhit Maini, Co-Head of Digital Assets for Markets at Citi said:

“While blockchains have demonstrated promise for streamlining post-trade processes, our objective is to drive improvement at all stages of the trade life cycle, including pre-trade and execution”.

Avalanche’s native crypto AVAX has witnessed a staggering price surge with 68% gains over the last week. It’s the latest to join the altcoin market party led by players like Solana (SOL), Chainlink (LINK), Cardano (ADA), and others.

next

Altcoin News, Blockchain News, Cryptocurrency News, News