Ava Labs president John Wu recently sat down for an interview with Anthony Pompliano and discussed what the future holds for Avalanche (AVAX). The Avalanche CEO revealed that several “Big Name Brands” are set to enter the Avalanche ecosystem over the next year.
Big Things In The Offing
The President of Ava Labs, John Wu, was obviously excited as he spoke about the prospects of the Ethereum challenger. In the interview, he revealed that several partnerships were in the works and could come to fruition over the next 12 months. He revealed that several mainstream companies from the world of gaming and finance were in talks with Avalanche and would be onboarding with Avalanche and its ecosystem soon.
He stated in the interview with Anthony Pompliano,
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.”
Traditional Finance Is Bogged Down
Wu also spoke about traditional finance and the inefficiency that is hindering it. He stated that traditional finance is bogged down due to a lack of inefficiency and glaring inconsistencies in the interconnectedness of databases, leading to data siloing.
“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.”
Blockchain Will Be Hugely Beneficial
He stated that he believes traditional financial companies need to implement blockchain technology, which would be hugely beneficial as it would simplify the transaction process by eliminating any links in the transaction-settling chain.
“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.”
Avalanche's Contagion Troubles
Avalanche had earlier revealed that the Luna Foundation Guard, the company behind the failed reserve fund for the UST stablecoin, had not outlined any plans for the over 2 million AVAX tokens it holds. Avalanche had shared the update with its community amidst an increasing number of inquiries from the Avalanche community about the AVAX tokens in custody with the Luna Foundation Guard. With the value of the AVAX tokens around $30 at the time, the value of AVAX that was held with LFG was around $60 million, making it the second-largest holding in the foundation’s reserve.
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