Content Directory:

· Technology and market advance together, Avalanche takes frequent actions

· Avalanche previously established partnerships with Tencent Cloud and Alibaba Cloud, entering the enterprise Web3 development

· Nearly $270 billion in annual trading volume, is the Indian crypto market a red ocean?

BlockBeats News, on October 19th, Ava Labs, the developer of Avalanche, announced that Devika Mittal and Kamakshi Arjun have joined Ava Labs as India Head and India Business Development Head, respectively, to help increase the adoption of Avalanche in India. Mittal previously served as Listing Head at OKX, while Arjun served as India Partner Head at Polygon Labs.

Related reading: "Ava Labs bets on India for Avalanche growth, with new hires from Polygon and OKX".

"Devika Mittal said in an interview: 'India is a very large market and we hope to collaborate with many institutions and developers. We are already in talks with many different large institutions and have finalized an agreement with a government agency.' But she refused to disclose specific details."

Technology and market are advancing in parallel, Avalanche has been making frequent moves recently

Due to the continuous regulatory policy clouds in the United States, several cryptocurrency companies including Avalanche, Coinbase, and Immutable have chosen to expand their executive teams and explore cryptocurrency markets outside of the United States. In March of this year, Avalanche developer Ava Labs hired former Korean banker Justin Kim and serial entrepreneur Roi Hirata as business leaders for Korea and Japan, respectively. Now, by poaching executives from OKX and Polygon to expand into the Indian market, it is clear that Avalanche has ambitious plans for cryptocurrency development.

On October 11th, Patrick O'Grady, the engineering director of Ava Labs, stated on social media that Avalanche Cortina 12 has been released. This version, v1.10.12, is backward compatible with v1.10.0 and includes upgrades such as high-vote Chits, dual Alpha support (not enabled), and configurable MerkleDB branch factors.

During the Token2049 roundtable discussion this year, Ava Labs CEO Emin Gün Sirer stated that "Avalanche will launch a new type of subnet. This subnet is different from traditional virtual machines as it has a built-in large language model (LLM), similar to ChatGPT, which allows users to write smart contracts in natural language without relying on complex programming languages or cryptographic terms. Specifically, this means that users can write smart contracts like they would write an email or a tweet, using the language they are familiar with, without the need to understand blockchain programming languages or cryptographic concepts. This approach makes blockchain technology more user-friendly and accessible, and is expected to attract more developers and users to this field."

And Devika Mittal, the newly appointed Indian manager, also mentioned in an interview that Avalanche recently launched a no-code platform called AvaCloud, which can be used to launch "custom blockchains" (also known as subnets) on the Avalanche network. Subnets can help developers quickly build customizable blockchains and specialized decentralized applications, and at a lower cost than building their own network from scratch.

Avalanche has previously established partnerships with Tencent Cloud and Alibaba Cloud, and has entered the field of enterprise Web3 development.

In February of this year, Tencent Cloud held the first Web3 Global Summit "Tencent Cloud Web3 Build Day" in Singapore. Well-known native encryption projects such as Avalanche, Scroll, and Sui attended the event. The theme of this conference was "Accelerating Web3 Success". Yang Baoshu, the International Senior Vice President of Tencent Cloud, stated at the conference that Web3 is the new iteration of the Internet, and Tencent Cloud sees its future and has already established partnerships with Avalanche, Ankr, Scroll, and Sui.

Related reading: "The Disappearance of Tencent's Blockchain and the "Goose Factory Gang" of Web3".

On February 28th, after Tencent Cloud announced a strategic partnership with Avalanche, Ava Labs confirmed that the Avalanche full node has been launched on Tencent Cloud and is synchronized with the public blockchain of Avalanche. Tencent Cloud will support efficient and rapid node deployment for developers and validators throughout the Asia-Pacific region. An online announcement was made regarding this development.

In May of this year, Alibaba Cloud and Avalanche announced at the Avalanche Summit II conference that they are collaborating to provide customized enterprise metaverse solutions. Alibaba Cloud will provide a starter kit called Cloudverse to help enterprises customize, launch, and maintain their own metaverse spaces on the Avalanche blockchain. Previously, on December 2nd of last year, Alibaba Cloud added support for Avalanche validation nodes and infrastructure.

With the dual advancement of technology and market, it is foreseeable that more developers will participate in the construction on the Avalanche network in the future.

Annual trading volume nearly $27 billion, is the Indian crypto market a red ocean?

According to reports, Ava Labs, which is entering the Indian market, will focus on areas such as ticketing, authentication, and supply chain. Previously, Avalanche collaborated with SK Planet's electronic and entertainment company Dreamus to improve the ticketing experience. Earlier this year, Ava Labs also partnered with the Indian gaming streaming platform Loco to create a new fan experience on Avalanche.

In recent months, multiple trading platforms have announced their entry into the Indian market. On September 1st, Haider Rafique, the Chief Marketing Officer of OKX, stated that the company is planning to enter the Indian market and recruit local employees to explore potential Web3 use cases. On October 10th, Gemini appointed Sachin Ranglani as Vice President and India Head. On September 26th, Gemini announced plans to invest INR 2 billion (USD 24 million) over the next two years to develop its development center in Gulbarga.

Now, Ava Labs has also joined this westward expansion because the Indian market is growing too fast.

On September 19th, Chainalysis released its latest report, which shows that India has become the world's second largest cryptocurrency market in terms of original transaction volume, surpassing the UK, Turkey, and Russia. The United States remains the largest cryptocurrency market in the world to date. In terms of regions, Central Asia, South Asia, and Oceania account for 20% of the global cryptocurrency market.

Chainalysis has pointed out that from July 2022 to June 2023, the total trading volume of the Indian cryptocurrency market reached nearly $269 billion. India's tax rate on cryptocurrency activities is much higher than that of most other countries, but this has not suppressed the huge demand for cryptocurrency in India.

Earlier on August 28th, Indian Prime Minister Modi called for global cooperation in formulating cryptocurrency regulations during the G20 summit. As the G20 presidency, India is willing to take on the task of advocating for the establishment of a comprehensive global cryptocurrency regulatory framework.

However, it is understood that India has long advocated for the establishment of a global cryptocurrency framework. However, the regulatory environment for cryptocurrencies in India is still characterized by a lack of transparency and high taxation. In addition, India has not yet introduced any legislation in parliament regarding Web3 or cryptocurrency issues, but has imposed strict taxes on transactions and implemented anti-money laundering rules.

Will India become another red ocean in the Asian cryptocurrency market? We wait and see.

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