A major advance in the cryptocurrency field occurred through substantial blockchain product and service launches by major industry participants that strive to increase market adoption rates. The leading companies Avalanche, Gelato, Nasdaq and Terraform Labs introduced major announcements that signaled essential developments within blockchain infrastructure and financial products.
Through its collaboration with Gelato, Avalanche introduced a service to help financial institutions adopt blockchain more effectively. The service, known as "Blockchain-as-a-Service" (BaaS) provides businesses with a simplified approach to sovereign chain deployment that improves cost-effectiveness and operational efficiency.
The industry stands at a crucial threshold where mainstream institutional crypto adoption is set to begin as this initiative takes shape at the perfect time. Gelato's platform tackles the rising demand for self-governing blockchain platforms through its user-friendly scheme for quick independent chain deployment. The service functions through Avalanche's InterChain Messaging (ICM) infrastructure and serves fintech applications that need identity verification solutions including Know Your Customer (KYC) and specialized gaming economies.
The founder of Gelato, Luis Schliesske, focused on simplifying blockchain deployment for institutions. According to Luis Schliesske, the solution reduces the need for complicated engineering expertise, providing faster and easier blockchain network scaling and deployment methods. The new solution from Gelato provides “plug-and-play” capabilities together with AWS-level infrastructure that large enterprises and governments need to implement blockchain solutions effectively, according to Schliesske.
Nasdaq filed a submission to the U.S. Securities and Exchange Commission (SEC) for listing Grayscale’s Avalanche (AVAX) spot exchange-traded fund (ETF) on March 27, marking a crucial milestone in the expansion of official crypto investment products.
Grayscale intends to transform its current Avalanche Trust into a spot ETF that enables the product to track asset values through arbitrage procedures. This strategic decision shows the company's constant determination to develop its cryptocurrency product line. With over $1.7 million in assets under management, the Grayscale Avalanche Trust is an important player in the growing crypto ETF market.
Grayscale continues its ongoing SEC applications regarding products such as Bitcoin, Ethereum spot ETFs, and other funds seeking approval. The SEC's approval of the Grayscale Avalanche ETF would reinforce the standing of cryptocurrency-based investment products in traditional markets.
Terraform Labs plans to launch its creditor claims portal on March 31 for its failed TerraUSD and LUNA projects. The company initiated bankruptcy proceedings after its $40 billion system crumbled in 2022. After filing for Chapter 11 bankruptcy in January 2024 the company started developing its reorganization plan.
Creditors who wish to file claims must register through the Crypto Loss Claims Portal by April 30, 2025. Terraform Labs requires all claims to contain evidence of ownership, including wallet addresses and transaction logs, for verification purposes. The repayment process enables creditors to present claims to receive potential payments according to the company's projection of $185 million to $442 million. Terraform’s efforts to repay creditors come after its $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC), which arose from allegations of fraud.
The company demonstrates its bankruptcy resolution commitment through these initiatives, which allow creditors to retrieve part of their lost funds. The payment schedules outlined for Terraform become uncertain due to the complex nature of its bankruptcy process.