In May 2018, an anonymous group first introduced Avalanche’s core principles via the Interplanetary File System (IPFS).
A team of researchers from Cornell University, headed by computer science professor Emin Gün Sirer along with doctoral students Maofan Yin and Kevin Sekniqi, spearheaded the development of the protocol. This academic research later transitioned into a startup aimed at building a blockchain network. Subsequently, in September 2020, the company also launched its own cryptocurrency token called AVAX.
Avax went on to perform well. It recorded a peak performance of $144.96 in November 2021. However, the bear came and crypto prices plummeted, including Avax’s.
However, recently, Avalanche (AVAX) has emerged as a standout performer with an 8% surge — a defying rise against the plummeting ecosystem. We find that a strategic partnership with Stripe, a leading online payment processing platform, fueled this recent surge.
The Rise of Avalanche
After its collaboration with Stripe, Avalanche witnessed some recovery, with its price surging by 8%. Stripe’s integration of USDC laid the groundwork for its partnership with Avalanche, facilitating an integration with Core and granting users access to AVAX tokens, decentralized applications (dApps), and non-fungible tokens (NFTs) within Avalanche’s ecosystem.
At time of writing, Avalanche is trading at $33.20, with a market cap of $12.58 billion. The surge in price is complemented by a notable 88% increase in 24-hour trading volume, indicating heightened investor interest. Despite a decline from its 2024 high of $60.69, AVAX’s recent performance suggests a bullish sentiment, with speculation rife about the token breaching the $50 mark.
The partnership with stripe is important because verified Stripe users can now seamlessly purchase AVAX tokens and utilise various decentralised applications within Avalanche’s ecosystem. Moreover, Avalanche app developers can embed customisable widgets into their interfaces, enabling users to convert fiat to crypto. This integration not only addresses the “cold start problem” in Web3 but also streamlines the onboarding process for users, with Stripe handling KYC, payments, fraud, and compliance.
The Road Ahead
Looking ahead, the partnership between Avalanche and Stripe sets the stage for broader adoption of digital currencies in everyday transactions. Akash Gupta, head of consumer products at Ava Labs, highlights the integration’s role in increasing crypto adoption worldwide, emphasising the importance of intuitive and streamlined solutions. He states that, with Core’s integration with Stripe, Avalanche continues its mission to bridge the gap between crypto and fiat, fostering seamless onboarding experiences for users.
Avalanche’s recent performance amidst market turmoil shows why great blockchain architecture and a good team of brilliant minds is needed if the crypto-verse will grow stronger.
The strategic partnership with Stripe caused AVAX’s price surge and also opened new avenues for adoption and innovation within the cryptocurrency space. As the crypto space advances, collaborations between leading platforms like Avalanche and Stripe show a transformative shift towards a more inclusive and integrated financial ecosystem.
Through strategic alliances, technological innovations, and a steadfast commitment to user experience, Avalanche continues to carve its path towards mainstream adoption and long-term success in the ever-expanding world of cryptocurrencies.
Author: Makinde Adeniyi
The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organisations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.
