Ava Labs and WeBlock announce collaboration on real asset tokenization in South Korea, potentially boosting the utility of the AVAX cryptocurrency.
Agreement between Ava Labs and WeBlock
Ava Labs, the developer of Avalanche (AVAX), has signed a memorandum of understanding with WeBlock, a company focusing on the tokenization of real assets, particularly in real estate. The partnership aims to expand the real asset tokenization and stablecoin market in South Korea. WeBlock will provide expertise in Korean regulations and digital investment data, while Ava Labs will offer its technical resources and global network.
Increased Interest in AVAX and Real Asset Tokenization
According to RWA.xyz data, Avalanche ranks eighth in terms of tokenized products. Currently, the value of real assets on the Avalanche platform has reached $405.04 million, a 115% increase over the past month. The network counts 7,738 RWA holders and 39 tokenized assets. Additionally, a historic high of open interest for AVAX has been recorded at $1.07 billion.
Technical Analysis of AVAX Price
AVAX is trading within a price range of $24 to $28, facing resistance at $29.7. Breaking through this level could pave the way for targets at $32 and above. Currently, AVAX is priced at $28.47, having increased 10% in the last 24 hours and 14% over the past week. Trading volume has surged by 70%, boosting its market capitalization to $12 billion.
The agreement between Ava Labs and WeBlock represents a significant step in the development of the Avalanche ecosystem and the tokenization of real assets, likely intensifying investor interest and positively impacting AVAX's price.
