- The Ava Labs President said that brands from the gaming and finance space have been keen to join the Avalanche Ecosystem.
- John Wu also cited the lack of efficiency and the lack of interconnectedness of databases in traditional finance and believes it’s high time they start adopting blockchain technology.
While the attention of the crypto community remains centered around Bitcoin and Ethereum, Avalanche is making silent moves. Ava Labs president John Wu said that the Ethereum competitor has some big announcements over the next year.
During his recent interview with Anthony Pompliano, Wu said that big brands from the world of gaming and finance will join the Evalanche ecosystem. During the interview, the Ava Labs President said:
It’s still that same theme of real-world assets coming into this ecosystem and growing the ecosystem for everyone, both on the side of financial services as well as on the gaming side.
We have a lot of visibility to gaming as well because the subnets have been really adopted by a lot of gamers to basically create their own execution environment in a very quick manner.
Those are two areas that we’re super excited [about]. I wish I could give you specific names, but to the audience, just stay tuned, and they’ll hear about it very shortly.
Explaining the loopholes of traditional finance
John Wu also took a shot at traditional finance calling out the inefficiencies in the space. He further noted that traditional finance has been bogged down due to data siloing and the lack of interconnectedness of databases. Wu added:
The financial institutions are very aware that the power of the blockchain, or the crypto system, is that when you need information and money to move at the same time, blockchain is a very powerful tool for that. When you settle a stock, there are so many intermediaries.
Credit cards, there are so many intermediaries. And they’re all working off of their own respective databases, and lots of reconciliation has to happen.
The Ava Labs President added that it’s high time that traditional financial companies start implementing blockchain at their end. It would be hugely beneficial to simplify the transaction process. Besides, it will also help in eliminating any links in the transaction-settling chain. Wu added:
A lot of the financial services players are actually experimenting with blockchain. The amount of experimentation of blockchain development – not just experimentation, innovation labs – but the amount of development They are looking at the technology as a way to create efficiency and create more productivity and squeeze costs out.
The growth of Avalanche
Avalanche has emerged as a strong alternative to the Ethereum blockchain network for hosting DeFi applications and NFTs on the platform. Last year, Avalanche’s native crypto AVAX emerged as one of the top ten altcoins during the 2021 crypto bull run.
However, AVAX faced a few troubles during the crypto market crash last quarter. It was also one of the reserve currencies of the Luna Foundation Guard and saw heavy selling amid the collapse of the Terra ecosystem.