Monday, July 22, 2024

Ava Labs Partners With Amazon Web Services to Accelerate Blockchain Adoption, AVAX Jumps 16%

Ava Labs, the team behind the layer one (L1) smart contract platform network Avalanche, has partnered with Amazon Web Services (AWS), according to an announcement made on Jan. 11, 2023. Founder and CEO of Ava Labs, Emin Gün Sirer, said the collaboration was a “big deal” and, in comparison with other blockchain announcements that involved AWS, he insisted that this partnership is “meaningful.”

Founder and CEO of Ava Labs, Emin Gün Sirer, Comments on Collaboration with Amazon Web Services

According to Ava Labs, the company behind the blockchain network Avalanche (AVAX), the firm has partnered with Amazon Web Services (AWS) to “accelerate enterprise, institutional, and government adoption of blockchain.” The team published the announcement on Jan. 11, 2023, and said that AWS will support the Avalanche network and decentralized application (dapp) ecosystem. “Critically, Avalanche node operators can run in AWS Govcloud for Fedramp compliance use cases – a vital capability and a pre-requisite for enterprises and governments,” the Wednesday announcement detailed.

“At AWS, we are all about bringing the most cutting-edge technologies to builders, no matter if they sit in a multi-million-dollar enterprise, a government office, or a dorm,” Howard Wright, the VP and global head of AWS startups said in a statement. “The new capabilities brought by Avalanche enable us to do just that. We’re thrilled to add an innovator like Ava Labs to our partner network and to support new tooling for Avalanche’s infrastructure and ecosystem, helping to expand its adoption to new geographies and customer segments.”

AVAX/USD on Jan. 11, 2023, at 3:42 p.m. (ET) via Coinbase.

The founder and CEO of Ava Labs, Emin Gün Sirer, commented on the announcement Wednesday afternoon Eastern Time. “This is a big deal,” Gün Sirer tweeted. “It’s not your grandfather’s ‘AWS partnership announcement.’ Let me explain in plain English. In the past, other chains have paid AWS to host some nodes, and [have] pitched this as ‘AWS partners with Some Chain.’ In reality, ‘Some Chain’ was paying AWS — they were a client of AWS. There was no meaningful partnership.”

The Ava Labs executive continued:

This announcement is the exact opposite. AWS recognizes how blockchains are evolving, with subnets serving as appchains, and wants to be one of the hosting providers for the many subnets that people are about to launch.

Avalanche’s native token AVAX jumped following the news, rising 16.2% higher against the U.S. dollar. Seven-day statistics show that AVAX is up 29.1%, and the crypto asset’s market capitalization today is the 19th largest. AVAX is trading for prices between $12.31 to $14.83 per unit during the last 24 hours.

AVAX’s crypto market capitalization is at $4.51 billion at 4 p.m. Eastern Time on Jan. 11, 2023. Despite the swift rise on Wednesday afternoon following the AWS announcement, AVAX is still down 89% from the $144.96 all-time high on Nov. 21, 2021. Like solana (SOL), avalanche (AVAX) has taken a big hit during the crypto winter, and as AVAX was once a top-ten cryptocurrency contender, it’s been struggling to hold a position below the 20th-place threshold.

Tags in this story
adoption, Amazon, AVA Labs, Avalanche, Avalanche (AVAX), AVAX, AVAX Market, AWS, AWS hosting, Blockchain, builders, Capitalization, ceo, Compliance, Cryptocurrency, cutting-edge, Emin Gün Sirer, enterprise, Fedramp, Govcloud, Government, growth, Innovation, institutional, market, Market AVAX, meaningful, network, Node, operators, partnership, platform, Services, technologies, Token, web

What impact do you believe this partnership between Ava Labs and Amazon Web Services will have on the future of enterprise blockchain adoption? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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