By Kimberly Crain
On March 7, the industry heavyweight in esports escort Team SoloMid (TSM) revealed plans to expand to the crypto space. The TSM’s smooth transition was followed by a partnership deal with high-profile crypto firms, including Avalanche and Blitz.
The partnership aims at introducing new gaming products to the market to improve the user experience.
Scope of the Partnership Agreement
The team agreed to prioritize utilizing innovative blockchain technology to develop gaming products and create additional features to redefine the gaming world. They also tasked TSM and the leading gaming platform Blitz to utilize their proprietary technologies to develop a payment system for the user.
Additionally, the new partners plan to invest in developing a sustainable storage system for the cryptos. The team proposed launching the Blitz gaming platform on the San Francisco-based blockchain platform Avalanche.
The expected integration of Avalanche and Blitz systems aims to boost the customers’ satisfaction level.
Importance of the Partnership
According to an announcement by the President of Ava Labs, John Wu, Avalanche functionality capabilities will enable the TSM to explore crypto space. Wu argued that Avalanche had invested heavily in expediting transaction processes and addressing system security concerns necessary during the transition of TSM to crypto.
Also read:Beyond this, the partners challenged the TSM team to act as the business enabler of Avalanche’s upcoming events. The team will also integrate a reward system on the Blitz’s Blockchain platform. This new platform will offer users rewards and equip them with diverse crypto knowledge and skills.
Nevertheless, the Blitz and TSM will be allowed to use Avalanche native $AVAX to settle subnet innovation payments, including gas bills.
Elsewhere, Blitz’s parent company Swift stated that it plans to develop an elastic subnet technology by utilizing the Avalanche technologies, including its Subnet system. Per the Swift proposal, the customers will be tasked to conduct validator roles such as cryptocurrency staking activities.
The Swift team plans to adopt the proof-of-stake (PoS) mechanism to enable the user to earn a sizable amount from the platform. At the time of writing 11:07 UTC, the sixteenth largest crypto asset by market capitalization Avalanche (AVAX), is trading at $16.05, a 1.52% decline in the last 24 hours.
Avax bounced from its lowest at $15.86 to its highest at $16.30 within a day.
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