AVAX Soars on News of Partnership with Deloitte, World’s Biggest Accounting Firm

November 20, 2021, 10:45 AM AEST - 1 week ago

Deloitte, one of the world’s top-ranked and most valuable accounting firms, has partnered with Ava Labs, the team behind Avalanche (AVAX), to leverage blockchain technology for its new cloud-based platform.

According to its press release, the partnership will see Deloitte leveraging the Avalance blockchain to “enable a new disaster recovery platform that uses the Avalanche blockchain to help state and local governments easily demonstrate their eligibility for federal emergency funding”.

Avalanche Utilised to Provide a Secure Environment for Federal Disaster Claims

The new Close As You Go (CAYG) platform was developed with help from first responders, public works departments, finance authorities and grant-making agencies to help simplify and streamline disaster reimbursement applications to the US Federal Emergency Management Agency (FEMA).

Close As You Go features a user-friendly interface backed by the cutting edge of blockchains, helping state and local governments focus on their recovery, rather than extensive claims processes.

John Wu, president, Ava Labs

By using Avalanche’s eco-friendly blockchain technology, these critical documents can be quickly gathered, processed and authenticated. CAYG’s cloud-based platform provides state and local officials with a decentralised, transparent and cost-efficient system that empowers grant-makers and funding recipients while minimising fraud, waste and abuse.

Our new Close As You Go platform can play a critical role in helping these leaders be prepared to aggregate and validate the documentation necessary to demonstrate eligibility for funding and reduce the risk of adverse audit findings down the road.

Alex Haseley, principal, Deloitte & Touche LLP, also Deloitte’s government and public services crisis management portfolio leader

AVAX Price Soars

The Avalanche (AVAX) ecosystem has seen exponential growth during the past year, and the native currency AVAX is up 2,618 percent year-to-date. During the past week, the AVAX price reached a little over US$110 after rising 16 percent, with its circulated market cap hitting US$23.76 billion, almost 1 per cent of the total crypto market cap.

In contrast, other leading cryptos, including Bitcoin (BTC) and Ether (ETH), fell by over 13 percent and 12.50 percent respectively week-to-date. According to a survey conducted by Deloitte, 76 per cent of people believe crypto will be a strong alternative to fiat money within the next decade.

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