The price of Ethereum (ETH) competitor Avalanche (AVAX) is hitting new record highs after Big Four accounting firm Deloitte inked a partnership deal with Ava Labs, the technology company behind the smart contract platform.
Deloitte provides audit, consulting, tax and advisory services to 90% of the Fortune 500. The firm is partnering with Ava Labs to use the Avalanche blockchain in a new disaster recovery platform, Close As You Go (CAYG), designed to simplify reimbursements for natural disaster victims.
“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 grantmakers and funding recipients while minimizing fraud, waste and abuse.”
Following Avalanche’s announcement of the partnership on Tuesday, the price of AVAX skyrocketed to $107.99, marking a new all-time high for the crypto asset. At time of writing, the coin is trading at $98.94.
The Avalanche blockchain, like Ethereum, enables developers to create decentralized (DApps), financial platforms and custom blockchains.
Earlier this week, the native token of BENQI (QI), a lending and borrowing protocol built on Avalanche, also surged by 60%, soaring from just $0.17 to $0.26, after a sudden listing by crypto exchange Binance. At time of writing, QI is trading at $0.17.
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Featured Image: Shutterstock/klyaksun/Vladimir Sazonov/monkographic
