John Wu, President of blockchain startup Ava Labs — which develops the software for the Avalanche ($AVAX) blockchain — recently shared his thoughts about the crypto market.
Wu’s comments were made on Friday (August 26) during a conversation with Bloomberg TV’s Emily Chang and Sonali Basak. According to a report by The Daily Hodl, Wu said:
“What the market needs to understand is that there will be alpha in the crypto asset space. There’s very good reasons for that... The fundamentals are absolutely increasing and improving. [As for] the technicals, if you think about the crypto market caps, they’ve gone down, but stablecoins have not... That tells you a lot of people are just hiding in there ready to deploy...
“I personally think the winter will be here for a little bit longer, but what I’m really looking forward to is these new applications, these new protocols that literally redefine the way businesses operate and will be built... What you can do when tokenization is here in full swing is you’re going to encode the business logic into a smart contract and then the platform is the business.“
On July 24, the Ava Labs President told Anthony Pompliano during an interview that several big names in the world of finance and gaming are expected to get on board with Avalanche in the coming year.
While Wu said that he was unable to give specific names, he did indicate that he was “really excited” about the unannounced partnerships, including several “big brand” enterprises.
As reported by The Daily Hodl, Wu said to Anthony Pompliano:
“I wish I could give you specific names, but I am really excited about certain big brand traditional enterprises who are going to be doing some cool stuff on Avalanche.“
Wu said that the smart contract platform was generating interest from both financial services and gaming companies. He noted that Avalanche had managed to gain a significant amount of visibility in the gaming community due to the adoption of subnets by gamers.
Wu told audiences to “stay tuned,” and that they would be announcing the big brand engagements “very shortly.” Wu also commented on the lack of efficiency and interconnectedness of databases between financial institutions, saying that blockchain could be a “very powerful tool for that.” He noted the substantial number of intermediaries in financial services such as settling a stock or using a credit card.
Wu predicted that blockchain technologies would be used to simplify the process:
“A lot of the financial services players are actually experimenting with blockchain. The amount of experimentation of blockchain development – not just experimentation, innovation labs – but the amount of development… They are looking at the technology as a way to create efficiency and create more productivity and squeeze costs out.“
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