In discussions with major companies in the gaming and financial sector, the president of Ava Labs (Avalanche), John Wu, in a recent interview.
The CEO of Avalanche (AVAX) revealed that several “Big Name Brands” are set to enter the Avalanche ecosystem next year. He said that several “mainstream” companies from the world of gaming and finance are in talks with Avalanche and are expected to start working together soon.
“It’s still the same issue of real assets coming into this ecosystem and developing it for everyone, both on the financial services side and the gaming side. We have big aspirations in gaming as well, because subnets have really been adopted by a lot of players to create their own execution environment in a very fast way. Those are two areas that we’re very excited about. I wish I could give you specific names. Just stay tuned and you’ll hear them very soon,” Wu said.
The traditional economic system is stalled
Wu also talked about the traditional economic system and its inefficiency. He stated that traditional finance is bogged down:
“Financial institutions know very well that the power of blockchain or the cryptocurrency system is that when you need information and money to move at the same time, blockchain is a very powerful tool for that. When you settle a stock, there are so many intermediaries. Credit cards, there are so many intermediaries. And they all work from their respective databases and there’s a lot of reconciliation to be done.”
Blockchain will be extremely beneficial
As he pointed out in his statements, traditional financial companies should implement blockchain technology, which would be extremely beneficial as it would simplify the trading process by eliminating any links in the transaction settlement chain.
“Many of the financial services players are actually experimenting with blockchain. They are looking at the technology as a way to create efficiencies and more productivity, as well as to compress costs,” he said.
The Avalanche question mark
Avalanche had revealed the previous time that Luna Foundation Guard, the company behind the failed UST stablecoin, had not announced any plan on how to manage the 2 million AVAX coins it holds.
Avalanche had shared the update with its community amid the growing number of questions it has received about the AVAX coins held by Luna Foundation Guard, which are estimated to be worth $60 million.
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