Avalanche’s native token, AVAX, has been making significant strides in the crypto market, fueled by recent institutional activities and a major partnership with FIFA. The token has seen a notable 11% surge in the last 24 hours, reaching $25.16, continuing a steady upward trend over the past week.
This increase in value comes amidst a broader market rally that has propelled Bitcoin to new highs, surpassing $111,000. However, the surge in AVAX seems to be driven by more than just market sentiment, with key developments within the ecosystem positioning the blockchain as a top choice for scalable and enterprise-ready solutions.
FIFA Blockchain Partnership
FIFA recently launched its dedicated Layer-1 blockchain on Avalanche on May 22, aiming to enhance global access and fan engagement. The blockchain powers platforms like FIFA Collect, offering digital collectibles tied to iconic football moments and exclusive real-world experiences such as VIP match access.
To build and maintain the blockchain, FIFA partnered with infrastructure provider Modex. Modex will handle backend development and operate the user-facing marketplace. Modex CEO Francesco Abbate praised Avalanche for its scalability and ease of integration, emphasizing the advancement in digital fan experiences.
Avalanche’s Dedicated Fund
The launch of FIFA’s blockchain coincides with a surge in institutional interest in Avalanche’s ecosystem. Asset manager VanEck announced plans to launch a dedicated fund focused on Avalanche-based projects in June. The PurposeBuilt fund will invest in liquid tokens and venture-backed blockchain ventures across various sectors like AI, payments, gaming, and finance.
VanEck also intends to invest in tokenized real-world asset markets on Avalanche to maintain liquidity and explore long-term blockchain exposure. Pranav Kanade, a portfolio manager at Avalanche, expressed confidence in the blockchain’s potential, stating, “Avalanche has become a magnet for thoughtful builders, and with the VanEck PurposeBuilt Fund, we’re bringing capital and conviction to the founders creating lasting value, not chasing momentum.”
The partnership with FIFA and the growing institutional interest in Avalanche highlight the blockchain’s potential for innovation and growth in the crypto space. With these developments, AVAX continues to gain momentum, solidifying its position as a key player in the evolving blockchain landscape.