Ethereum competitor is making major strides in institutional acceptance and enterprise adoption, according to Galaxy Digital

A competitor to Ethereum (ETH) is making “significant progress” in terms of institutional acceptance, according to a new report from Galaxy Digital.

Digital asset investment management firm says smart contract platform Avalanche (AVAX) has already gained “significant traction” in terms of decentralized finance.

Galaxy Digital also notes that Ava Labs, the technology company behind Avalanche, hopes to make headway in the traditional financial sector.

“As examples, ReTok Finance chose to leverage Avalanche to offer co-ownership and Ryval offered Initial Litigation Offerings, a litigation financing product for individuals to litigate or arbitrate civil claims. Many other uses of tokens cases, including security tokens, have yet to materialize.

Galaxy Digital lists the many partnerships Avalanche entered into in November and December, including a strategic alliance with accounting firm Big Four Deloitte.

Deloitte has partnered with Ava Labs to use the Avalanche blockchain in a new disaster recovery platform, Close As You Go, designed to simplify reimbursements for victims of natural disasters.

Galaxy Digital also mentioned Ava Labs’ selection in Mastercard Start Path Crypto, a startup engagement program focused on blockchain technology use cases. The company says the Ethereum rival should “see more connections with the global fintech ecosystem” due to the selection.

AVAX is trading at $81.53 at the time of writing, up nearly 8% in the past 24 hours.

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Featured image: Shutterstock/WWWoronin/Natalia Siiatovskaia

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