Bank of America praises Avalanche’ Subnets
Bank of America Corporation praised the technology of Avalanche that is making it different from all the blockchain networks in the crypto industry.
In the present time, all financial institutions are trying to adopt blockchain innovation to play a vital role in the financial system as a leader. The advantage of blockchain technology are many but the financial sector is taking this technology more seriously than any other. The past few years showed that Bank of America is bullish on this blockchain technology as well as on the crypto industry.
On 15 December, Coindesk– a crypto news website, reported that Bank of America is bullish on Avalanche technology.
According to Coindesk report, Alkesh Shah, Global Crypto, and Digital Asset Strategist analyst at Bank of America, Published research on the avalanche’ Subnets.
Analyst wrote:
“Subnets enable faster time-to finality (settlement) and lower costs than alternative blockchains.“
In the published research, Analysts noted the significant growth in the total value locked in the Avalanche And Deloitte announcement.
Deloitte announcement was made on 16 November, according to which Avalanche’s core team Ava Lab established a strategic collaboration with it. And with this, they aimed to “enable a new disaster recovery platform that uses the Avalanche blockchain to help state and local governments easily demonstrate their eligibility for federal emergency funding”. These things showed the potential of unique blockchain technology that can bring huge efficiency to the payment system.
Due to this news, the impact on the price of the AVAX tokens took place. On 15 December at 07:09 p.m. UTC, the price touched around $99.7400. and this surge in the price of AVAX was an all-time high since 4 December.
Bank of America on the crypto industry
At the beginning of October of this year, research by the Bank of America noted that the crypto market is now too big and it cannot be ignored.
In this first week of November of this year, Tom Montag- Bank of America COO, said that banks have no competition with Crypto. However, he criticized the crypto industry but appreciated blockchain technology.
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