Crypto currency Avalanche surges following Deloitte dealwritten by Bella Palmer
The Deloitte partnership will leverage the Avalanche blockchain for better security, accuracy and speed for Federal Emergency Management Agency funding
The crypto currency Avalanche has seen a surge in the past few days, following a partnership with Deloitte to construct more efficient disaster relief platforms.
As Bloomberg Businessweek reports, that rise briefly took Avalanche into the top 10 cryptos in terms of market value, past Dogecoin and Shiba Inu, reaching a record $144.96 on Sunday.
It’s another example of faster, cheaper Ethereum competitors doing well, Jonathan Cheesman of crypto-derivatives exchange FTX told Bloomberg. There’s a huge wealth effect and a lot opportunistic and mobile capital.
The Deloitte partnership will leverage the Avalanche blockchain for better security, accuracy and speed for Federal Emergency Management Agency funding, while also assisting state and local governments who want to streamline disaster reimbursement applications.
The Avalanche Foundation in September announced it had raised $230 million through a private token sale, to participants that included Polychain and Three Arrows Capital. Both of those investors also backed the $200 million-plus Blizzard fund announced earlier this year to support development on Avalanche.
It is about utility, for both crypto-native and crossover traditional tech, John Wu, president of Ava Labs, told Bloomberg.
AVAX is available on Binance, Coinbase, and crypto.com, amongst others. In some cases, one may need to exchange AVAX for a coin like USDT before fiat conversion.
According to the news outlet, Avalanche has doubled in the past month, and is up 3,000% in the last year. The news report notes the infamous volatility of cryptos, with even the ones hitting the top of the market experiencing huge swings.
For example, Dogecoin, with a $30 billion market cap, was trading at $0.22 Monday, down from its $0.74 in May but up from its 52-week low of $0.002961. Doge has seen a year-to-date (YTD) increase of 4,714.59%.
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