Partnership between Ava Labs and Amazon Web Services to Boost Blockchain Adoption Results in AVAX Price Increase of 16%
Ava Labs, creators of Avalanche, a layer one smart contract platform network, announced a partnership with Amazon Web Services on January 11, 2023. Ava Labs CEO Emin Gün Sirer stated that this collaboration is significant and a major achievement, unlike other blockchain related announcements involving Amazon Web Services.
Ava Labs, the company behind Avalanche (AVAX) blockchain network, announced on January 11, 2023 that it has partnered with Amazon Web Services (AWS) to increase the adoption of blockchain by enterprises, institutions, and governments. AWS will support the Avalanche network and its decentralized application ecosystem. The partnership will enable Avalanche node operators to run on AWS Govcloud for Fedramp compliance use cases, which is a necessary requirement for enterprise and government adoption.
According to Howard Wright, the VP and global head of AWS startups, “At AWS, we are committed to providing access to the most advanced technologies for developers, regardless of whether they work for a large enterprise, government office, or a student. The capabilities provided by Avalanche enable us to do just that. We are excited to add Ava Labs as a partner and to support new tools for Avalanche's infrastructure and ecosystem, helping to expand its reach to new regions and customer groups.
Following the partnership announcement of Ava Labs and Amazon Web Services, Avalanche's native token, AVAX, experienced a rise in value. AVAX saw a 16.2% increase against the US dollar, and a 29.1% increase over the past 7 days. As of Jan. 11, 2023, AVAX has a market capitalization of $4.51 billion and is currently trading between $12.31 to $14.83 per unit. Despite the recent increase in value, AVAX is still down 89% from its all-time high of $144.96 on November 21, 2021. Similar to other cryptocurrencies, AVAX has been affected by the crypto market downturn and has struggled to maintain a position within the top 20 cryptocurrencies.