Avalanche Price Rises After JP Morgan News

The crypto world has been rocked by the recent news of JP Morgan’s Onyx unveiling an exciting new development alongside Avalanche and Apollo Global. This collaboration, aimed at creating tokenized funds, had a direct and positive impact on the price and market value of AVAX, the native cryptocurrency of the Avalanche network.

Collaboration and innovation

JP Morgan’s Onyx and Apollo Global have collaborated to develop a proof of concept as part of the Monetary Authority of Singapore’s Guardian Project. This collaboration leverages the power and versatility of the Avalanche network. The target? Digitize and tokenize global assets, a mission that perfectly aligns with the goals of Ava Labs, the company behind Avalanche.

Impressive market movements

The impact of this announcement on the crypto market cannot be underestimated. The Avalanche price saw an impressive 23% increase in just 24 hours, with a monthly increase of up to 117%. This increase was accompanied by a significant expansion in trading volume and market capitalization, indicating growing investor confidence in AVAX.

The future of portfolio management

This collaboration highlights the potential of blockchain technology, smart contracts and tokenization in automating portfolio management. Offers new opportunities to include alternative and liquid assets in discretionary portfolios. Onyx’s existing digital asset offering already processes between $1 billion and $2 billion of tokenized assets every day.

Integration of new technologies

By integrating a LayerZero protocol, Onyx Digital Assets will be connected to an Avalanche Evergreen subnet designed specifically for institutional needs. This subnet will place additional emphasis on network privacy, gas resources and permissions, allowing Onyx digital asset portfolios to access tokenized funds offered by WisdomTree.