Binance’s exchange platform for the U.S. disclosed to the public that it will now add Avalanche token to its list of tradable assets and will soon receive deposits in AVAX for those who plan to trade the token. Last year Binance.com listed AVAX and started trading on it on the 22ND of September.
Last month Binance disclosed that they would be supporting the Avalanche network upgrade. The AVAX token is seeing enormous growth this year. It started this year at a price point of just over 3 dollars. Avalanche has, however, grown by close to 3000 percent since then.
Other Avalanche Partnerships And Projects
The blockchain also raised a whopping sum of 230 million dollars in an exclusive sale of its tokens a while back. Certain popular crypto investment companies were at the frontlines of this. Avalanche is one of the most popular Altcoins today. Its technology enables people to build custom blockchains that can exchange data.
The blockchain just started a partnership this week with Deloitte. It is one of its Decentralised Finance projects. The partnership hopes to create better disaster response systems using the blockchain.
The technology through this partnership will also help create more efficient systems for disaster compensation applications to the Federal Emergency Management Agency (FEMA). A development like this will make life easier for state and local government officials working in the parastatal. Avalanche CEO Emin Gün Sirer believes that the collaboration will pool together the flexibility and speed of Avalanche blockchain and the accounting knowledge of Deloitte. This news was probably one of the reasons why the Avalanche token shot up to a new high of 110 dollars yesterday.
Earlier this month, Avalanche created a Blizzard investment fund of over 200 million dollars to pull in more developers. The investment fund followed a Decentralized Finance scheme that got a lot of interest and participation from protocols. On the 4th of November this year, Grayscale also declared its interest to add the Avalanche token to its asset list. The token owes a lot of its bullish run to the continuous interest from institutions and big market players.
The Impact Of These Programs
In recent times Avalanche has invested more than half a billion dollars in incentivizing the development of decentralized projects on the blockchain. The 230 million dollars raised in their private sale was used to create a liquidity pool in the blockchain’s decentralized finance space. They followed this up with the 200 million dollars blizzard investment fund aside from the 180 million mining incentive fund.
A specific analyst noted that the inflow of capital has been effective in moving a lot of decentralized projects away from Ethereum to Avalanche in recent times. Analyst at IntoTheBlock said he was impressed by the growth of the Avalanche DeFi ecosystem. He believes their system allows users to maximize the use of their capital within a secure decentralized space.
AVAX started its trading day at around 110 dollars, the new all-time high. It is down to about 100 dollars now in what is possibly a correction. All of these institutional interests and positive news are sure to bode well for the token.