Crypto-custody company BitGo will support AVAX, Avalanche’s native token, if the price goes up, CoinDesk wrote. The market has seen unwavering institutional interest in high-speed blockchain.
Bank of America: AVAX can be a viable alternative to ETH
The news comes after Bank of America analysts commented that Avalanche could be a viable alternative to Ethereum for gaming, NFTs, and decentralized finance (DeFi). Exchanges like Bitstamp and Bitbuy, which are BitGo’s customers, will soon be offering AVAX to their users. Analysts find that the platform’s impressive scalability makes it a viable alternative, especially as it remains decentralized and secure at the same time.
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According to the bank, Avalanche’s subnet feature is growing in popularity as nearly 400 projects have been developed on the platform. Analysts wrote in a note:
Subnets enable faster finalization (settlement) and lower costs than alternative blockchains with the validation of around 4,500 transactions per second.
According to BitGo, the crypto assets they currently hold are worth over $ 64 billion. John Wu, President of Ava Labs, told CoinDesk in an interview:
Not only is BitGo trustworthy and allowing us to provide more access to our native tokens on Avalanche, but given the corporate push and institutional support from Avalanche, this is really a very powerful company to work with.
AVAX ranks fifth in terms of TVL
Data site DeFi Llama reports that Avalanche ranks fifth in terms of Total Value Locked (TVL), which is the fiat value of digital assets in the various applications of a blockchain. With a TVL of $ 11.16 billion, Avalanche is right behind Solana at $ 11.72 billion.
Interest from Deloitte and Mastercard
Deloitte recently announced plans to use Avalanche for its Close As You Go disaster relief initiative. In early December, Mastercard reached out to Ava Labs about its crypto accelerator program.
BitGo is tempted by Avalanche’s explosive growth
According to CEO Mike Belshe, BitGo was seduced by Avalanche’s huge growth over the past year. He said:
Institutional investors can now access AVAX within the most secure custody offering on the market, and millions of home users have the potential to gain secure access through the exchanges and platforms our technology supports.
Galaxy Digital to acquire BitGo for $ 1.2 billion
Bitbuy and Bitstamp will list AVAX via BitGo at the beginning of next year. Earlier this year, Galaxy Digital acquired BitGo for $ 1.2 billion. The deal is still going to be finalized.
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