Ava Labs, which develops the Avalanche blockchain, has announced the expansion of its blockchain ecosystem to the Indian market.
The objective of this expansion into India is to grow business use of the Avalanche blockchain ecosystem, the organization reported.
Ava Labs seeks to accelerate the creation of new web-based consumer applications and the development of institutional use cases that drive Avalanche's growth. In a statement, the developer organization highlighted that The Indian market will be key to Avalanche's growth objectives, mainly, because the country has become “the second largest cryptocurrency market in the world and is number one globally in the adoption of blockchain technology.”
Thus, as part of its new growth plans and objectives, Ava Labs has hired Devika Mittal and Kamakshi Arjun, former executives at OKX and Polygon Labs, respectively, to serve as director of Ava Labs in India and business development leader for India.
Mittal and Arjun join the Ava Labs team to accelerate network growth within the Indian market. According to the organization, its main focuses in India will be institutional partnerships, developer team and growth of the crypto community.
Ava Labs focuses on enterprise use of Avalanche in India
In an interview with The Block, Mittal stated that Ava Labs is already talking to many large companies and prominent institutions who want to be part of the Avalanche blockchain ecosystem. “There are many institutions and developers that we are looking to work with.”
The new director of Ava Labs in India also revealed that Ava Labs “has already finalized an agreement with a government agency” and that it has created a development fund focused especially on India, although it did not give more details about it.
Avalanche is a blockchain focused on scalability, performance, and interoperability with the Ethereum ecosystem, making it perfect for developing powerful new enterprise use cases. According to Mittal, supply chains, digital certification and trade are among the first areas that Ava Labs will explore for its blockchain network in the India market.
Recently, Ava Labs also introduced a tokenized asset program in order to explore the potential of the tokenization of real-world assets (RWA), which is one of the sectors of the blockchain industry that is strongly breaking into different areas of the global economy.
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