Avalanche Expands into India with Focus on Specific Sectors
Avalanche (AVAX) has recently launched a new initiative to expand its presence in India, with a particular focus on the supply chain and ticketing sectors. According to a report by The Block, Ava Labs, the developer behind the Avalanche blockchain, has also hired talent from Polygon and OKX. Devika Mittal and Kamakshi Arjun have joined Avalanche’s team to drive growth in the Indian market, primarily through institutional partnerships, developer engagement, and community expansion.
A Big Market with Prominent Institutions
Mittal, who will serve as the head of India, highlighted that India is a significant market with numerous institutions and developers that Avalanche aims to collaborate with. Mittal mentioned that Avalanche is already in talks with several large institutions and has finalized a deal with a government agency. While she did not disclose specific details, Mittal stated that Avalanche intends to target sectors such as ticketing, supply chain, and certification.
Competition in the Hottest Market
India is currently attracting various crypto projects for expansion due to its status as the world’s second-largest crypto market and the global leader in blockchain adoption. Additionally, Polygon has established its base in India, providing further competition for Avalanche. Despite this competition, Avalanche sees potential in India’s growing economy and is actively pursuing opportunities in the country.
No Market Response for AVAX Price
Despite Avalanche’s expansion news, the price of its token AVAX did not experience any significant reaction. In fact, AVAX saw a price drop of nearly 3% in the last 24 hours, continuing a decline that began on October 16. Currently ranked as the seventh-largest blockchain network by total value ($500 million), Avalanche sits at the 22nd position in terms of market cap ($3.16 billion). AVAX’s price currently stands at $8.9 after hitting support at $8.8.
Hot Take: Avalanche Seeks Growth in India’s Thriving Crypto Market
Avalanche’s expansion into India demonstrates its commitment to capitalizing on the country’s booming crypto market. By targeting specific sectors such as supply chain and ticketing, Avalanche aims to tap into India’s growing economy and collaborate with prominent institutions and developers. While facing competition from other crypto projects, Avalanche is determined to establish a strong presence in India and leverage its potential for further growth. However, despite these efforts, AVAX’s price has not responded positively to the news of expansion, experiencing a decline in recent days.
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