Avalanche ( AVAX-USD ) tokens jumped 13.3% in Wednesday afternoon trading after Ava Labs, the company behind AVAX, formed a partnership with Amazon Web Services, the cloud-computing platform owned by e-commerce giant Amazon ( NASDAQ: AMZN ), to accelerate blockchain adoption across enterprises, institutions, and governments. The cryptocurrency changed hands at $14.41 at 4:16 p.m. ET, the highest level seen since Nov. 9, just two days before crypto exchange FTX ( FTT-USD ) filed for bankruptcy and subsequently roiled the market. In the new alliance, AWS will support avalanche's ( AVAX-USD ) infrastructure and decentralized application (dApp) ecosystem, the companies said in a blog post . That, in turn, will make it easier and more flexible for developers to launch and manage nodes on the AVAX blockchain. Furthermore, Ava Labs is planning to add a "Subnet deployment" to the AWS Marketplace, in a move that will allow both individuals and institutions to simply launch custom subnets, a segmented piece of a larger network. “It has been a huge boon for both individual and enterprise developers to be able to spin up nodes and test networks on the fly with AWS in whatever legal jurisdiction makes the most sense for them," said Ava Labs Founder and CEO Emin Gün Sirer. Overall, the affiliation could help to boost the adoption of the AVAX ecosystem across new geographies and customer segments given the scale of AWS, said Howard Wright, vice president and global head of Startups at AWS. Seeking Alpha contributor Mike Fay said last week AVAX's daily active user growth has been stagnant, though "is actually not as overvalued as some peers," giving it a Hold rating .
What Happened In Crypto This Week?
