AMZN - Why the Avalanche Crypto Is Soaring Today
The Avalanche (CRYPTO: AVAX) cryptocurrency skyrocketed on Wednesday thanks to a freshly signed collaboration deal with Amazon (NASDAQ: AMZN) and its Amazon Web Services (AWS) cloud-computing arm. As of 4:30 p.m. ET, the cryptocurrency had gained 13.3% in 24 hours.
AWS needed a default blockchain platform for managing and executing smart contracts , which can perform financial transactions and ownership transfers based on real-time market data. The most obvious choice would have been sector leader and smart contracts innovator Ethereum (CRYPTO: ETH) , but AWS kept it interesting by going with a smaller and swifter competitor instead.
On Wednesday, Amazon and Ava Labs, the company that developed Avalanche, published blog posts explaining how developers using Avalanche tokens would now have access to a wide range of AWS assets and features.
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Why the Avalanche Crypto Is Soaring Today