Avalanche’s native token, AVAX, is gaining momentum in the current crypto market surge, buoyed by fresh institutional activity and a major partnership with FIFA.
According to CryptoSlate’s data, AVAX surged by 11% in the last 24 hours, reaching $25.16 at the time of reporting. This continues a weeklong trend that has seen the token rise by around 7%.
Notably, this recent upswing coincides with a broader market rally that pushed Bitcoin to new highs of more than $111,000.
Yet, AVAX’s rise appears driven by more than just market sentiment, evidenced by the recent significant developments within its ecosystem. These moves position the blockchain as a go-to platform for scalable, enterprise-ready solutions.
FIFA Blockchain
On May 22, FIFA officially launched its dedicated Layer-1 blockchain on Avalanche to boost its global access and fan engagement.
According to Avalanche, the new blockchain powers platforms like FIFA Collect, which offers digital collectibles tied to iconic moments in football history and exclusive real-world experiences such as VIP match access.
FIFA has partnered with infrastructure provider Modex to build and maintain the blockchain. The company will oversee both the backend development and the user-facing marketplace.
Modex CEO Francesco Abbate described the initiative as a leap forward for digital fan experiences, highlighting Avalanche’s scalability and ease of integration benefits.
Avalanche’s dedicated fund
The timing of FIFA’s launch aligns with a wave of institutional interest in Avalanche’s ecosystem.
On May 21, asset manager VanEck revealed plans to launch a dedicated fund focused on Avalanche-based projects in June.
This new vehicle, named the PurposeBuilt fund, will invest in liquid tokens and venture-backed blockchain ventures spanning AI, payments, gaming, and finance.
VanEck also plans to allocate unused capital into tokenized real-world asset markets on Avalanche, helping maintain liquidity while exploring long-term blockchain exposure.
Pranav Kanade, a portfolio manager at Avalanche, said:
“Avalanche has become a magnet for thoughtful builders, and with the VanEck PurposeBuilt Fund, we’re bringing capital and conviction to the founders creating lasting value, not chasing momentum.”
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