AVAX hits a new all-time high after Ava Labs’ collab with Deloitte

While the crypto market is stumbling, AVAX, a layer one blockchain that functions as a platform for decentralized applications is up nearly 12% in the last 24-hour, according to CoinMarketCap.

The price surge comes after the consulting giant and Big Four accounting firm Deloitte announced a strategic alliance with Ava Labs to develop an Avalanche blockchain-based platform for helping disaster-recovery red tape.

As a result of the announcement, the Avalanche-based AVAX token hit an all-time high exceeding $108 on November 18.

Based on the website, the Singapore-based Avalanche Foundation runs the proof-of-stake (PoS) smart contracts platform, Avalanche, that claims to compete with Ethereum, the second-largest crypto by market cap.

Note that Deloitte worked with public works departments, first responders, finance authorities, and grant-making agencies to design the new Close As You Go (CAYG) platform to help governments officials in the U.S. streamline disaster-recovery reimbursement applications to the Federal Emergency Management Agency (FEMA).

To elaborate more, Deloitte explained that building its new platform on Avalanche gives state and local officials a transparent, decentralized, and cost-efficient system with minimized risk of fraud, waste, and abuse.