Ava Labs CEO John Wu announces that “big name” brands and companies will be embarking on the Avalanche (AVAX) ecosystem over the next 12 months
An executive at the technology company behind Avalanche (AVAX) says big things are on the horizon for the company. Ethereum (ETH)-Challenger.
In a new interview with Anthony Pompliano, Ava Labs President John Wu says big names in finance and gaming will be on board with the company. Avalanche ecosystem.
“I wish I could give you specific names, but I’m really excited about some big traditional brand companies that are going to be doing some cool stuff in the Avalanche.
It’s still about real world values flowing into this ecosystem and growing the ecosystem for everyone, both on the financial services side and on the gaming side.
We also have great visibility for games because the subnets have been adopted by many players to create their own execution environment very quickly.
Those are two areas we’re very excited about. [about]. I wish I could give you specific names, but just stay tuned and…you’ll be hearing about them shortly.”
As for traditional finance, Wu says the system is currently bogged down by inefficiency and lack of database connectivity.
“Financial institutions are very aware that the power of Blockchain or the cryptosystem is that the blockchain is a very powerful tool when you need to move information and money at the same time.
When you unwind a stock, there are so many middlemen. With credit cards, there are so many middlemen. They all work with their own databases and there is a lot of reconciliation to be done.
Wu believes blockchain technologies will benefit financial firms by simplifying the process, such as eliminating links in the transaction processing chain.
“Many financial service providers are currently experimenting with blockchain. The number of experiments in blockchain development – not just experiments, innovation labs – but the number of developments… They see technology as a way to create efficiencies, increase productivity and reduce costs.”
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Source: Crypto News Deutsch