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Ava Labs, the company behind Avalanche, a layer 1 blockchain, has recently launched AvaCloud. It will be a launchpad designed to assist businesses in constructing fully managed blockchain ecosystems without the need for coding.
AvaCloud will include four key components: an automated blockchain builder, managed validators, comprehensive data tools, and chain interoperability.
Ava Labs’ AvaCloud To Help Build Custom Blockchains with Ease
The automated blockchain builder empowers companies with a no-code blockchain portal, complemented by round-the-clock technical support and a dedicated infrastructure team. This facilitates efficient management of a customized network, as each blockchain deployed through AvaCloud incorporates precompiled smart contracts that can be tailored to meet specific requirements.
Managed validators offer automated installation and updates, while the comprehensive data tools provide valuable insights into the Avalanche network as well as the Ethereum blockchain. Furthermore, Ava Labs has recently unveiled Avalanche Warp Messaging, a feature enabling native communications among all Avalanche subnets.
Automated installation and updates are facilitated by the managed validators, while the comprehensive data tools offer valuable analytical perspectives into both the Avalanche network and the Ethereum blockchain.
Additionally, Ava Labs has recently introduced Avalanche Warp Messaging, an innovative feature that enables seamless and native communication across all subnets within the Avalanche ecosystem. By leveraging these innovative tools, users can easily create a free testnet, transition to the mainnet, and continuously enhance functionality as their needs evolve over time.
Nicholas Mussallem, the senior vice president of products at Ava Labs, emphasized that AvaCloud accelerates the market entry of Web3 products for companies, reducing risks and obviating the need to hire specialized blockchain personnel.
Traditionally, the development of custom blockchains entailed significant financial investments and human resources. Citing a study, Mussallem highlighted that the average time and cost for end-to-end deployment of a custom blockchain exceeded 12 months and $1.5 million annually.
In many cases, public blockchain networks proved unsuitable for business and government entities due to regulatory non-compliance, excessive costs, and sluggish transaction speeds.
Mussallem observed that the advancement of blockchain technology has revealed the inadequacy of a one-size-fits-all approach. The customization capabilities of AvaCloud-powered blockchains, such as adapting validator requirements to include know-your-customer (KYC) procedures and privacy protocols, enable industries with stringent regulations to harness the benefits of blockchain.
This development opens doors for the adoption of blockchain technology in traditional finance (TradFi), HIPAA-compliant healthcare, government initiatives, and various other sectors.
Ava Labs anticipates that the introduction of this new tool will create additional revenue opportunities while laying the foundation for cloud-based blockchain infrastructure that is ready for widespread adoption. Notably, early adopters of AvaCloud include AAA game studio Shrapnel and Korean conglomerate SK.
In its efforts to cater to both Web2 and Web3 audiences, Ava Labs has expanded its product offerings and welcomed prominent financial institutions like Deloitte, T. Rowe Price, and WisdomTree into its ecosystem.
The cloud division of Alibaba, a prominent Chinese technology conglomerate too has established a launchpad on the Avalanche blockchain, enabling businesses to deploy metaverse spaces.
The growing institutional interest in Avalanche aligns with a surge in daily active addresses on the network. Despite the broader decline across the cryptocurrency industry, transactions on the Avalanche blockchain have experienced substantial growth compared to the previous year.
Circle Launches Euro Coin on Avalanche, Revolutionizing Global Payments and Expanding Digital Currency Options
Circle, a leading global fintech company specializing in digital financial technology, and the issuer of USDC and Euro Coin, has made a groundbreaking announcement today. They have officially launched Euro Coin on Avalanche, marking the beginning of a series of planned multi-chain releases for this fully backed stablecoin tied to the euro. The aim is to facilitate faster and more efficient payments and financial services for developers and their users.
The integration of Euro Coin into Avalanche as a native feature holds immense potential for increasing euro liquidity and expanding the options available to global users who prefer transacting in euros using Euro Coin or in U.S. dollars through USDC.
The similarities in smart contract designs between the two stablecoins issued by Circle make it seamless for developers already supporting USDC in their applications to integrate Euro Coin.
Joao Reginatto, Vice President of Product at Circle, emphasized the initial vision behind the introduction of Euro Coin on the Ethereum platform last year. The goal was to provide access to the euro across borders and time zones for anyone with an internet connection.
By launching Euro Coin on the efficient and rapid Avalanche platform, developers and users can now experience near-instantaneous and cost-effective financial transactions. This opens up new possibilities for payments, remittances, and 24/7 foreign exchange services.
John Nahas, Vice President of Business Development at Ava Labs, expressed excitement about integrating Euro Coin onto the Avalanche blockchain, considering it a significant milestone. This integration presents fresh opportunities for developers and end users, particularly in the decentralized finance (DeFi) space.
Circle’s USDC has gained significant adoption and trading volume, and the introduction of Euro Coin on Avalanche is anticipated to drive positive feedback and widespread usage. The availability of a reliable and fully backed euro stablecoin like Euro Coin has the potential to expedite the global adoption of instant payments and remittances as DeFi expands across currencies and borders.
Circle Account holders now have access to Euro Coin liquidity on Avalanche, enabling them to trade or lend in crypto capital markets, custody funds, or make and accept payments using Euro Coin on the Avalanche network.
Leading applications and defi wallets, including BENQI, Cables, Coinbase Wallet, Core, Curve, Dexalot, GMX, MetaMask, NFT-TiX, Pangolin, Platypus, Shift Markets, and Trader Joe, will support Euro Coin on Avalanche. Developers can integrate the Euro Coin smart contract on Avalanche immediately and start leveraging the growing liquidity available.
About Circle
Circle is a renowned fintech company that enables businesses to integrate digital currencies and public blockchains worldwide. With highly liquid protocols like USDC and Euro Coin, Circle’s open platform and APIs facilitate seamless international payments, the development of global Web3 apps, and efficient internal treasury management for internet-scale businesses.
About Ava Labs
Ava Labs streamlines the launch of decentralized finance apps on Avalanche, the fastest smart contracts platform in the blockchain sector. Their goal is to effortlessly digitize global assets on a single, programmable blockchain. Founded by Cornell computer scientists and backed by prominent institutions like Andreessen Horowitz, Initialized Capital, and Polychain Capital, Ava Labs is highly regarded. Avalanche’s smart contracts platform provides unlimited scalability and rapid transaction finality, supported by a unique consensus protocol, Subnet infrastructure, and HyperSDK toolkit, empowering businesses to create robust and customizable blockchain solutions for diverse applications.
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