AVAX Rockets on NYSE Testing News
Avalanche's AVAX token has seen a significant surge in price following news that the New York Stock Exchange (NYSE) had been testing its infrastructure. The token briefly reached $10.82, its highest level since late January, before traders began taking profits.
The NYSE had spent around a year examining Avalanche's technical capabilities and economics as part of its exploration of blockchain integration with its exchange. According to Ava Labs President Charlie Cooper, the NYSE assessed not only the network's tech but also the potential deployment costs.
Ava Labs has been working closely with the NYSE's parent company, Intercontinental Exchange (ICE), which had expressed interest in using Avalanche technology for tokenized securities. However, no official announcement has been made regarding a partnership or deployment on the platform.