Crypto custody firm BitGo will support AVAX, the native token of Avalanche, as its price soars, CoinDesk wrote. The market has seen unwavering institutional interest in the high-speed blockchain.
Bank of America: AVAX can be a feasible alternative to ETH
The news comes after Bank of America analysts commented Avalanche could be a feasible alternative to Ethereum for gaming, NFTs, and decentralized finance (DeFi). Exchanges like Bitstamp and Bitbuy, which are clients of BitGo, will start offering AVAX to their users soon. Analysts find that the platform’s impressive scalability makes it a viable alternative, especially as it remains decentralized and secure at the same time.
According to the bank, Avalanche’s subnet feature is growing adoption with almost 400 projects developed on the platform. Analysts wrote in a note:
Subnets enable faster time-to finality (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 trusted and allows us to provide more access to our native tokens on Avalanche, but given the enterprise push, and the institutional support of Avalanche, this really is a very powerful company to partner with.
AVAX ranks fifth in terms of TVL
Data site DeFi Llama reports that Avalanche is fifth in terms of total value locked (TVL), which is the fiat value of digital assets in a blockchain’s different applications. With TVL of $11.16 billion, Avalanche is right behind Solana with $11.72 billion.
Interest from Deloitte and Mastercard
Recently, Deloitte announced plans to use Avalanche for its disaster relief initiative, Close As You Go. In early December, Mastercard approached Ava Labs for its crypto accelerator program.
BitGo tempted by Avalanche’s explosive growth
BitGo was tempted by Avalanche’s great growth over the last year according to CEO Mike Belshe. He said:
Institutional investors can now access AVAX within the most secure custody offering on the market and tens of millions of retail users have the potential to gain secure access through the exchanges and platforms powered by our technology.
Galaxy Digital acquired BitGo for $1.2B
Bitbuy and Bitstamp will list AVAX early next year through BitGo. Earlier this year, Galaxy Digital acquired BitGo for $1.2 billion. The deal is still being finalized.
