[NEWS] SBI VC Trade forms business partnership with Ava Labs, developer of Avalanche, to popularize the service in Japan

On the 16th, domestic cryptocurrency exchange SBI VC Trade announced a business partnership with Ava Labs Inc., the developer of the layer-1 blockchain Avalanche.

SBI VC Trade will work to popularize the Avalanche network in Japan.

Ava Labs provides the SaaS-type cloud service "AvaCloud," which combines infrastructure solutions for Web 3.0 businesses, including the launch of its own chain.

With this business offer, SBI VC Trade will be able to use AvaCloud. In the future, SBI VC Trade will promote the use and popularization of the Avalanche network, such as connecting Avalanche to the "SBI Web3 Wallet" provided by SBI VC Trade.

In addition, with this partnership as an opportunity, the exchange began accepting deposits and withdrawals of the cryptocurrency Avalanche (AVAX) on the 16th. SBI VC Trade is the first in Japan to offer an AVAX staking service, and deposited AVAX will be eligible for staking service rewards from the date of deposit.

Furthermore, SBI VC Trade explained that the partnership with Ava Labs will improve the annual rate of staking rewards by 0.5 to 2.0%. The initiative is scheduled to begin in October of this year.

Ava Labs Inc. Head of Japan Michiyo Hirata commented that Japan is "an area where we can expect further growth in the Avalanche community," and that it will be of great significance to the expansion of Avalanche users.

By using AvaCloud's cloud service, SBI VC Trade will be able to focus on developing its Web 3.0 business and providing staking services while keeping running costs down, which will encourage as many Japanese users as possible to use Avalanche.

SBI VC Trade CEO Tomohiko Kondo also explained the background to the business partnership, saying, "Avalanche is a blockchain that is expected to expand further in fields such as finance, games, and NFTs, and we believe that Avalanche will be used in more and more situations in the future, so we have decided to enter into this partnership to work together to further popularize Avalanche in the Japanese region."

He went on to say that in the future, they will not only expand their staking services, but also promote connection with the SBI Web3 wallet.

Reference:Announcement
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