Ava Labs exec says NYSE deal marks end of blockchain’s ‘general purpose era’
Ava Labs’ John Nahas said the collaboration with the NYSE shows institutions moving past pilots toward purpose-built onchain market infrastructure.
Traditional finance is moving past one-size-fits-all blockchains, according to John Nahas, chief business officer at Ava Labs, the company behind the Avalanche network.
Nahas told Cointelegraph that the planned NYSE-affiliated tokenized securities platform, which will use Avalanche technology for clearing and settlement, illustrates that financial institutions want more control over how their blockchains operate.
“Capital markets need reliable performance and predictable cost settlement, certainty and control over the network and its participants,” he said. “It’s really important for this chain to be purpose built for the needs of NYSE.”
Nahas argued that the crypto industry’s preference for general-purpose blockchains and its reluctance to adapt to the compliance rules financial institutions face have slowed adoption.
“Crypto always wants to put the crypto part front and center,” Nahas said. He sees a shift toward blockchains designed for specific use cases. “I look at this as the end of the general purpose era,” he said.