Avalanche Expands in India, Focusing on Ticketing and Supply Chain Sectors

Updated: 19 October 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Avalanche (AVAX) recently started a new incentive that will expand in India, focusing on specific sectors — supply chain and ticketing.

Furthermore, a report published by The Block says that Ava Labs, Avalanche blockchain’s developer, has started hiring talents from Polygon and OKX. The new additions to Avalanche’s team are Devika Mittal and Kamakshi Arjun.

We're excited to welcome Devika Mittal and Kamakshi Arjun, accelerating the firm's growth in the Indian market, primarily focused on institutional partnerships, developers, and community growth.

Welcome @MittalDevika and @kamakshi_taneja!https://t.co/PMfNp3J7Pw

— Ava Labs 🔺 (@AvaLabs) October 19, 2023

Avalanche Goes to India with a Focus on Specific Sectors

The report says that Mittal will join as the head of India, while Arjun will be the new business development lead for Avalanche’s Indian branch.

Mittal told The Block that India is a big market, with many institutions and developers that Avalanche wants to work with. “We are already in talks with a lot of different large institutions, very prominent institutions, and we have already finalized a deal with a government agency,” she added, avoiding specific details for the time being.

However, Mittal did note that Ava Labs wants to target ticketing, supply chain, certification, and similar sectors. She also said that Ava has a business development fund explicitly created for the expansion in India, although she did not reveal the fund’s size.

For now, India appears to be the new hottest market, as other crypto projects, such as Near and Algorand, also moved to expand into the world’s fifth-largest economy. In addition, the country is where Polygon made its home base, meaning that Avalanche already has serious competition in the country.

India has become the world’s second largest crypto market, and is number one globally for blockchain adoption.

Source: @TheBlock__ 👇https://t.co/ptDBPbEoPo

— Ava Labs 🔺 (@AvaLabs) October 19, 2023

AVAX Price Fails to Respond to Expansion News

Currently, Avalanche is the seventh-largest blockchain network, with a total value of around $500 million. However, when it comes to its market cap, it sits as the 22nd according to CoinMarketCap, with about $3.16 billion-large market cap.

Unfortunately, its token, AVAX, did not make a reaction to the news of Avalanche’s expansion as of this time. The token saw a price drop of nearly 3% in the last 24 hours, a continuation of a decline that started this Monday, October 16.

Avalanche went from $9.6 to $8.8 in the last four days. After hitting support at $8.8, the token saw only a slight recovery to $8.9, which is where it sits at the time of writing.

Most Searched Crypto Launch - Pepe Unchained

Rating