Avalanche Token Surges as Institutional Interest and Upgrades Boost AVAX
Avalanche's AVAX token has surged nearly 50% in one week to an eight-month high of $10.82, driven by institutional tokenization developments and upcoming network upgrades.
ICE, parent company of the New York Stock Exchange, has been testing Avalanche for over a year as it explores infrastructure for round-the-clock trading of tokenized U.S. stocks and exchange-traded funds. Although ICE hasn't selected or announced a commercial partnership with Avalanche, Ava Labs President Charley Cooper said the company remains actively engaged.
New York Life Investment Management has also joined the ecosystem by announcing plans to launch its first tokenized fund on Avalanche through Centrifuge. Aave is developing an institutional real-world asset lending market on the network, and Paxos has added support for AVAX and USDC.