Avalanche gained 25% in one week as other cryptocurrencies tumbled

The cryptocurrency market has had a tough week. Almost $ 300 billion in total market value was wiped out in days after investors pocketed large sums of money following recent record highs. But one crypto in particular has escaped this trend. Avalanche’s avax token has risen more than 20% from a week ago, with bitcoin losing around 9% and its direct rival, ether, 11%. Cryptocurrencies from the Cardano and Solana networks fell about 13%, according to CoinMarketCap.

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The catalyst for Avalanche was developer Ava Labs’ partnership with audit firm Deloitte, which CEO Emin Gün Sirer unveiled on Twitter on Wednesday, November 17. Avax hit an all-time high of around $ 110 on the Binance Exchange on Thursday. “Ava Labs is delighted to announce its partnership with Deloitte to build more efficient disaster relief platforms using the Avalanche blockchain,” said Emin Gün Sirer, founder of Avalanche in a tweet.

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Deloitte’s crisis management services will build a platform to manage claims repair on the Avalanche blockchain, according to a press release from the audit firm. The “Close as You Go Service” will simplify claims for compensation for victims of natural disasters.

“The new platform offers state and local officials a decentralized, inexpensive and completely immutable system that empowers both donors and aid recipients, while using blockchain transparency to minimize fraud. , waste and abuse, “tweeted Emin Gün Sirer of Ava Labs.

The fact that a large consulting firm is embarking on blockchain technology shows how widespread the digital world is. Deloitte is one of the world’s four largest audit firms, along with PricewaterhouseCoopers (PwC), Ernst & Young and KPMG.

“This effort combines the speed, resilience and adaptability of Avalanche and the knowledge of Deloitte’s Fortune 100 companies,” Emin Gün Sirer tweeted.

Avalanche is one of many rival Ethereum blockchains that offer smart contract capabilities that are a key part of decentralized finance, as they allow two parties to execute a transaction automatically, without an intermediary, when certain criteria are met.

Its cryptocurrency avax is one of the best performing since the beginning of the year, with a gain of more than 3,000%, behind that of Solana, the ground, which shows an increase of around 14,000%, against a gain about 100% for bitcoin.

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Version originale : Camomile Shumba/Insider

Read also – Cryptocurrency billionaire Sam Bankman-Fried believes Solana is superior to Ethereum

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