The Avalanche (CRYPTO: AVAX) cryptocurrency skyrocketed on Wednesday thanks to a freshly signed collaboration deal with Amazon (NASDAQ: AMZN) and its Amazon Web Services (AWS) cloud-computing arm. As of 4:30 p.m. ET, the cryptocurrency had gained 13.3% in 24 hours.

AWS needed a default blockchain platform for managing and executing smart contracts, which can perform financial transactions and ownership transfers based on real-time market data. The most obvious choice would have been sector leader and smart contracts innovator Ethereum (CRYPTO: ETH), but AWS kept it interesting by going with a smaller and swifter competitor instead.

On Wednesday, Amazon and Ava Labs, the company that developed Avalanche, published blog posts explaining how developers using Avalanche tokens would now have access to a wide range of AWS assets and features.

Continue reading

Source Fool.com