Avalanche could soon become home to some of the leading brands and companies in the world.
John Wu, the CEO of Ava Labs, the tech company behind the Avalanche blockchain, has revealed that big-name brands and companies will soon enter the Avalanche ecosystem.
Wu made this known during a recent interview with Anthony Pompliano. The Ava Labs CEO stated that;
“I wish I could give you specific names, but I am really excited about certain big brand traditional enterprises who are going to be doing some cool stuff on Avalanche.
It’s still that same theme of real-world assets coming into this ecosystem and growing the ecosystem for everyone, both in the financial services side 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.”
Wu also talked about the lack of efficiency and interconnectedness among databases within the traditional financial ecosystem. He said;
“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’s so many intermediaries. And they’re all working off of their own respective databases, and lots of reconciliation has to happen.”
The Ava Labs boss said he believes blockchain technologies will benefit financial companies by simplifying the process. Wu concluded that;
“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.”
AVAX is one of the top 20 cryptocurrencies in terms of market cap despite losing more than 50% of its price over the past few months.