Amazon’s (NASDAQ:AMZN) cloud computing platform Amazon Web Services (AWS) has partnered with Ava Labs, the company behind the Avalanche blockchain platform, to boost the adoption of blockchain technology by enterprises, institutions, and governments.
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AVAX, the native token of the Avalanche blockchain, rallied on Wednesday on news of the AWS collaboration. As per CoinMarketCap, AVAX has risen 22.4% in the last 24 hours. Avalanche is known to be a key competitor of Ethereum (ETH-USD).
Under the partnership, AWS will support Avalanche’s infrastructure and decentralized application (dApp) ecosystem through the AWS Marketplace. Furthermore, Ava Labs is now a member of the AWS Partner Network (APN), thus allowing the firm’s customers to deploy tailored offerings on AWS and reach over 100,000 partners in more than 150 countries.
Following the formation of the partnership, more people will be able to launch and manage nodes on Avalanche, increasing the network’s strength and flexibility. Additionally, Ava Labs will join AWS Activate, a program designed for startups and early-stage entrepreneurs that helps them to get started on AWS.
Several other blockchains, including Ethereum, use AWS to power their networks. There are more than 70 validated blockchain partner solutions on AWS Marketplace. As per the company website, “25% of all Ethereum workloads in the world run on AWS.”
What is the Price Target for AMZN Stock?
Amazon stock has tumbled more than 42% over the past year. Nonetheless, Wall Street remains bullish about Amazon due to the growth potential of AWS and the company’s dominance in e-commerce. The Strong Buy consensus rating for Amazon is based on 36 Buys and three Holds. The average AMZN stock price target of $136.91 suggests nearly 44% upside potential.
