VNX, a leading European RWA tokenization platform, has formed a unique partnership with Avalanche. This will result in the delivery of stablecoins referencing the VNX fiat currency. In addition, the VNX Euro (VEUR) and VNX Swiss Franc (VCHF) will be added to the Avalanche C-Chain.
The Liechtenstein Financial Market Authority (FMA) has registered a business house that operates in accordance with the Blockchain Act as the creator of the multichain tokens known as VNX Euro (VEUR) and VNX Swiss Franc (VCHF), respectively, which represent the Euro and Swiss Franc.
While the majority of the crypto economy accepts dollars, the proportion of conventional currencies such as EUR and CHF is relatively greater. European retail investors have greater exposure to these currencies, which also serve as stable currencies for institutional market participants.
According to the CEO and Founder of VNX, Alexander Tkachenko, the association will allow users to carry out all transactions with the help of two conventional currencies in Europe and not be required to convert. In his opinion, Avalanche is the ideal platform, as it is safe, upgradeable, and effective.
Avalanche is a layer 1 blockchain providing greater output and lower transaction fees. It is safe for decentralized applications (dApps). It also houses an array of financial services like decentralized exchanges (DEX), lending platforms, and yield collectors.
With the use of programming skills and interoperability, as well as VNX fiat-referencing stablecoins, developers have the option of integrating them into their dApps tools. This enables users to connect with well-balanced assets in the ever-evolving DeFi space.
Currently, VNX stablecoins are accessible through the liquidity pools on Balancer and, in the near future, Xave. Balanced asset exchanges are more effective with the assistance of Xave’s renowned swapping technology and advanced Chainlink oracles. These stablecoins are also available on centralized crypto exchanges, such as Emirex and BitForex.
Ava Labs’ Head of DeFi and Developer Relations, Luigi D’Onorio DeMeo, is thrilled with the VNX partnership. He believes that VEUR and VCHF will allow Avalanche users to safely and easily connect with European fiat currency in their digital avatars.
VNX aims to continue innovating and expanding its stablecoin supply on multiple blockchain networks. VNX strictly adheres to the established guidelines for safety and clarity in their operation. In addition, they conduct periodic audits of their reserves, which serve as the premise for token creation.
VNX is based in Europe and offers conventional assets for the cryptocurrency market. In 2019, VNX launched an end-to-end platform for tokenizing traditional assets, starting the digital asset lifecycle from planning to fundraising.
Ava Labs facilitates the implementation of robust Web3 solutions. Cornell computer scientists formed alliances with Wall Street experts and Web3 leaders in order to implement new methods for users to construct and utilize open and permissionless networks.
Smart contract platform Avalanche improves and finalizes deals instantly. Subnet framework, its distinctive consensus protocol, and the HyperSDK toolkit let Web3 developers build specialized blockchain solutions.