Avalanche (AVAX) has surged over 22% in the last seven data following partnerships with top financial giants to explore real-world asset tokenization.
The network’s native token has recorded massive activity in recent weeks becoming one of the top gainers as the market rebounds. Data from CoinMarketCap shows the asset gained 23.30% over the past week.
At press time the token trades at $22.44 and it’s up by 1.47% after surging nearly 10% over the weekend temporarily moving around $23.
Long-term gains after poor 2022
The gains recorded by the layer-1 blockchain have outpaced other network tokens in the market in recent months as its one-month growth stands over 140%. This year has marked a significant boost for AVAX after a slow 2022 in the market characterized by the fall of major firms like FTX and Terra.
Avalanche was not the only blockchain with limited growth last year as market leaders Bitcoin (BTC) and Ethereum (ETH) recorded over 55% losses and have since made a massive rebound this year.
AVAX has moved up by 75.05% from November 2022 days after the FTX implosion and has a year-to-date growth of 107.18% on the back of increased activity and recent partnerships aimed at tokenization.
Big banks explore real-world asset tokenization
This year, institutional giants have kicked off several tests on tokenization hinting at more adoption as their appetite for blockchain-based products increases.
Recently Rupublic Crypto announced to commence revenue sharing tokenization on the Avalanche network. This company would offer investors stablecoin dividends who own a piece of the portfolio.
Similarly, JP Morgan and Apollo revealed tests on “proof-of-concept” to aid asset managers in joining the tokenization trend on multiple blockchains. Several funds managers in line with financial institutions are now looking to deploy traditional assets on the blockchain making management easier with multiple interoperability tests ongoing.
“Our goal is to create solutions that bring significant efficiencies and enable better outcomes for asset and wealth managers and investors through personalized, highly scalable portfolios, regardless of asset class or where those assets are managed and recorded.”
DeFi analysts @wacy_time1 wrote on X (formerly Twitter) that the recent tokenization efforts of Bank of America, Citi, and JP Morgan have seen AVAX rise over 150% tapping a yearly all-time high of $24.
JP Morgan is tokenizing funds for blockchain integration.
Citi is testing blockchain for FX trades.
Bank of America predicts asset tokenization.
Avalanche Subnets becomes the choice of institutional investors.$AVAX has risen +150% in 30 days, reached this year’s ATH at $24.… https://t.co/NBoSkwrGPV pic.twitter.com/y2vu8psVfT
— AlΞx Wacy (@wacy_time1) November 16, 2023
Avalanche positioned itself to become a leading player in tokenization by investing $50 million in Avalanche Vista, a platform to aid real-world tokenization.
Touted as a trillion-dollar space in the next five years by wealth manager Bernstein, traditional players are keen on deploying assets like gold, real estate, and commodities to the blockchain with possible experiments in Artificial Intelligence (AI).
The post AVAX Soars Over 22% as Traditional Firms Increase Tokenization Efforts appeared first on Cryptonews.
