The native token of the Avalanche network, $AVAX, has started trading on cryptocurrency exchange Kraken, one of the largest cryptocurrency trading platforms in the world. The listing comes after AVAX’s price exploded this year and its adoption keeps on growing.
In its listing announcement, Kraken detailed that AVAX will be tradable against the USD and EUR and will be available on both Kraken and Kraken Terminal. Margin trading and futures contracts in the cryptocurrency are not available.
Kraken described Avalanche as a “distributed system that achieves scalability through the use of three interoperable blockchains and a Proof-of-Stake consensus mechanism. It aims to serve as the foundation for an expansive ecosystem of decentralized applications (dApps).
The listing comes shortly after cryptocurrency custody firm BitGo has revealed it will support the native token of the Avalanche network, $AVAX, as institutional interest in it keeps on growing. The move allows BitGo clients including exchange Bitstamp and Bitbuy to offer AVAX to their users.
As CryptoGlobe reported, Bank of America analysts have said that Avalanche could be a viable alternative to Ethereum ($ETH) when it comes to decentralized finance, non-fungible tokens (NFTs), and gaming.
Data from the Avalanche blockchain shows that the network has processed over 8 million blocks and over 1.4 million addresses have been created on it. Avalanche has now processed over 40 million transactions, and over 70,000 contracts have been deployed on it.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash