AllianceBlock, a decentralized layer-two solution bridging traditional and decentralized finance, has announced major product integration with Avalanche, an up-and-coming “Internet of Finance” protocol.
Once completed, the product integration will allow users to access AllianceBlock’s DeFi Investment Terminal, peer-to-peer financial services, nonfungible token capabilities and Know Your Customer solutions directly on Avalanche. The partnership also includes development work with Ava Labs, the development team behind Avalanche.
Rachid Ajaja, founder and CEO of AllianceBlock, said both organizations share a common mission in promoting the growth of a compliant DeFi ecosystem:
“Avalanche’s mission of empowering people to build an open, simple, and democratic internet of finance is right in line with what we are doing at AllianceBlock; our multifaceted blockchain-agnostic protocol enables banks and their clients to simply, safely, and legally trade any crypto product.”
Avalanche has enjoyed considerable success since the launch of its Avalanche-Ethereum Bridge in February 2021. Since launch, transactions have increased by nearly 2,000% to over 1.1 million. Over 62,000 unique wallet addresses have been created.
The price of AVAX, Avalanche’s native cryptocurrency, has surged as a result. AVAX peaked near $60 in mid-February but has since pulled back to around $30. At current values, AVAX has a total market capitalization of $3.7 billion, placing it 35th among active projects.
The broader DeFi ecosystem has also registered significant growth amid the bull market, with total value locked exceeding $100 billion earlier this week. The sector’s TVL was less than $21 billion at the start of 2021.