Ava Labs, the main developer of the Avalanche blockchain, intends to collaborate with Indian institutions and government agencies to expand its operations and help build applications on Avalanche (AVA). As a part of its expansion plans, the company has hired Devika Mittal of OKX and Kamakshi Arjun of Polygon as head of India and business development lead for India, respectively, Ava Labs said on Oct.19.
Mittal, formerly the Head of Token Listings for Okcoin under the OKX banner, expressed her enthusiasm about contributing to Ava Labs’ regional expansion and influence. She said Ava Labs is strategically positioned to meet the needs of India’s vast and ever-growing tech-savvy businesses and individuals. On the other hand, Kamakshi Arjun has held leadership roles at Tech Mahindra & Polygon (MATIC) India.
Mittal told The Block in an interview that the company will target supply chain, ticketing, certification, and other sectors. She emphasized that Ava Labs intends to replicate its successful global partnerships in the Indian market.
Mittal highlighted recent partnerships, such as with SK Planet’s electronics and entertainment company Dreamus, aimed at improving the ticket booking process. Furthermore, earlier this year, the Indian game streaming platform Loco partnered with Ava to enhance fan interactions on the Avalanche platform.
VP of business development at Ava Labs, John Nahas, stated:
“Their extensive experience in the blockchain industry, and deep understanding of this market, will be essential as we work to expand our reach and impact in such an important region.”
According to Mittal, Avalanche’s subnet feature will play a significant role in expanding blockchain adoption. Subnets enable developers to create specialized decentralized applications and customizable blockchains at a lower cost and more quickly.
Last year, the Avalanche Foundation introduced a token incentive program. Initially valued at $290 million (now about $36 million), this program was designed to promote the subnets on its blockchain.
We're excited to welcome Devika Mittal and Kamakshi Arjun, accelerating the firm's growth in the Indian market, primarily focused on institutional partnerships, developers, and community growth.
— Ava Labs 🔺 (@avalabsofficial) October 19, 2023
Expansion News Fails To Impact AVAX Price
Currently, Avalanche ranks as the seventh-largest blockchain network, with a total value of around $500 million. However, CoinMarketCap positions it as the 22nd largest in terms of market capitalization, with a market cap of around $3.16 billion.
Unfortunately, its token, AVAX, has not responded to the news of Avalanche’s expansion until now. The token’s price dropped by roughly 3% in the past 24 hours, extending the fall that began on Oct. 16. Avalanche’s price fell from $9.6 to $8.8 over the past four days. It hit $8.8 and then slightly recovered to $8.9, which is its current value as of now.