Hassan Maishera
On Thursday, the Avalanche Foundation announced via a blog post that it has launched the Avalanche Payments Collective.
Founding participants include Franklin Templeton, VanEck, Anchorage Digital, Paxos, Agora, Ethena, Rain, Axiym, Tassat, and others spanning the payments stack.
The Collective brings together companies spanning stablecoins, settlement, treasury infrastructure, foreign exchange, custody, card issuance, business payments, asset management, and global payouts.
Moving money globally requires liquidity, settlement, compliance, treasury management, custody, foreign exchange, and local payment networks working together as one.
28 leading organizations supporting payment flows across 150+ countries, 96 currencies, and ~22 billion payout endpoints are building on Avalanche.
Avalanche is an open-source platform for launching Decentralized Finance (DeFi) applications and enterprise blockchain deployments in an interoperable, highly scalable ecosystem. Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. It is one of Ethereum’s rivals, aiming to unseat Ethereum as the most popular blockchain for smart contracts. It aims to do so by having a higher transaction output of up to 6,500 transactions per second while not compromising scalability.
This is made possible by Avalanche’s unique architecture. The Avalanche network consists of three individual blockchains: the X-Chain, C-Chain, and P-Chain. Each chain has a distinct purpose, which is radically different from the approach Bitcoin and Ethereum use, namely, having all nodes validate all transactions. Avalanche blockchains even use different consensus mechanisms based on their use cases.
AVAX is down 9.2% today and currently trades at $6.04 per coin.
