Ava Labs CEO John Wu Says ‘Big Name’ Brands and Companies To Enter Avalanche (AVAX) Ecosystem in Next 12 Months
A senior executive at the tech firm behind Avalanche (AVAX) says big things are right around the corner for the Ethereum (ETH) challenger.
In a new interview with Anthony Pompliano, Ava Labs president John Wu says that mainstream names from the world of finance and gaming will be onboarding with the Avalanche ecosystem.
“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.
It’s still that same theme of real-world assets coming into this ecosystem and growing the ecosystem for everyone, both in the financial services side as well as on the gaming side.
We have a lot of visibility to gaming as well because the subnets have been really adopted by a lot of gamers to basically create their own execution environment in a very quick manner.
Those are two areas that we’re super excited [about]. I wish I could give you specific names, but to the audience, just stay tuned and… they’ll hear about it very shortly.”
When it comes to traditional finance, Wu says the system is currently bogged down by a lack of efficiency and interconnectedness among databases.
“The financial institutions are very aware that the power of the blockchain, or the crypto system, is that when you need information and money to move at the same time, blockchain is a very powerful tool for that.
When you settle a stock, there are so many intermediaries. Credit cards, there’s so many intermediaries. And they’re all working off of their own respective databases and lots of reconciliation has to happen.”
Wu believes blockchain technologies will benefit financial companies by simplifying the process, such as eliminating links in the transaction-settling chain.
“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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