Avalanche may have started as a favorite of DeFi enthusiasts. Now financial institutions are poised to hop aboard.
On Thursday, BitGo, a crypto platform that caters to Wall Street, said it would support Avalanche’s token, AVAX, and assets launched natively on its C-chain, the company said in the statement.
It’s a big move for Avalanche, a high-speed Layer 1 smart contracts platform launched in 2020. BitGo has $64B under custody and processes about a fifth of all on-chain Bitcoin transactions by value. It’s keen on providing its well-heeled clients with access to Avalanche’s burgeoning ecosystem via its hot wallet and custodial products.
Adoption of AVAX is picking up momentum. On Dec. 14, Circle launched support for its native coin USD Coin (USDC) on Avalanche. And DeFi Kingdoms, the NFT-driven GameFi player that’s challenging Axie Infinity, is preparing to launch on Avalanche soon.
Investors are taking notice. AVAX has jumped 15% in the last seven days compared to an 8.3% decline for ETH.