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.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/klyaksun/Vladimir Sazonov/monkographic
