An Ethereum (ETH) competitor is making “significant strides” in terms of earning institutional acceptance, according to a new report from Galaxy Digital.
The digital asset investment management firm says the smart contract platform Avalanche (AVAX) has already gained “meaningful traction” in terms of decentralized finance.
Galaxy Digital also notes that Ava Labs, the technology company behind Avalanche, hopes to make headway into the traditional financial sector.
“As examples, ReTok Finance has chosen to build on Avalanche to offer fractional property ownership and Ryval has offered Initial Litigation Offerings, a litigation financing product for individuals to litigate or arbitrate civil claims. Many other token use cases, including security tokens, have yet to materialize.”
Galaxy Digital lists the numerous partnerships Avalanche secured in November and December, including a strategic alliance with the Big Four accounting firm Deloitte.
Deloitte partnered with Ava Labs to use the Avalanche blockchain in a new disaster recovery platform, Close As You Go, designed to simplify reimbursements for natural disaster victims.
Galaxy Digital also mentioned Ava Labs’ selection in Mastercard Start Path Crypto, a startup engagement program focused on blockchain technology use cases. The firm says the Ethereum rival should “see more connections with the global fintech ecosystem” because of the selection.
AVAX is trading at $81.53 at time of writing, up nearly 8% in the past 24 hours.
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