Avalanche crypto breaks $7 as tokenized asset value tops $3B

Avalanche [AVAX] has broken above $7 after it failed in its attempts to clear the level this month.

The move comes as more traditional financial assets find their way onto Avalanche, with a new Delphi Consulting report putting their combined value at more than $3 billion, up significantly from $740 million last October.

Financial assets on Avalanche cross $3B

According to the report that was produced by Delphi Digital, one of the biggest additions that Avalanche saw was from Japan.

Progmat, which is Japan’s largest security-token platform, moved to a dedicated Avalanche network in June, bringing about $1.2 billion in tokenized securities with that move.

Other platforms have been growing too.

OpenTrade’s assets on the network have increased from about $60 million to $190 million, while Grove Finance is responsible for another $260 million through products linked to institutional credit.

Securitize is also working on a European platform that would use Avalanche to trade and settle tokenized securities, and it is expected to cover all 27 EU countries.

The figures matter because the activity isn’t concentrated in a single product. Securities, credit, and other financial assets are all represented, giving Avalanche a growing presence in the push to bring traditional finance onto blockchains.