Iris raises over $40M to expand ALVA's onchain services on Avalanche
by@avax
Summary
Iris has successfully raised over $40 million to enhance ALVA’s on-chain financial services on the Avalanche blockchain. ALVA, which allows users to browse, stream, shop, message, and pay bills without consuming mobile data, is currently operational in Bolivia through VIVA, catering to over 3 million mobile subscribers. Additionally, ALVA has secured partnerships with operators across six countries, representing more than 60 million subscribers, which is part of a broader effort by a Latin American telecom operator to integrate its financial operations with Avalanche technology.
Analysis
ALVA: ALVA is a mobile application that lets users browse, stream, shop, message, and handle payments without using mobile data allowances. It operates through telecom partnerships, starting with VIVA in Bolivia and expanding via agreements with operators in additional Latin American markets. ALVA integrates with Iris on Avalanche to deliver onchain financial services to everyday users. Iris: Iris is an Avalanche L1 blockchain focused on supporting onchain applications and financial services. It powers the ALVA mobile app, enabling everyday digital activities to run on blockchain infrastructure without consuming mobile data. The project recently secured funding to expand these services across Avalanche. Avalanche: Avalanche is a high-performance layer-1 blockchain platform supporting subnets and custom L1 chains for decentralized applications. Iris functions as one of its L1s to host ALVA and related onchain services. Recent developments highlight Avalanche's use in telecom-linked financial integrations in Latin America. Regional Expansion: ALVA is rolling out across multiple countries through agreements with major mobile network operators. Telecom Partnerships: A Latin American telecom operator is integrating parts of its financial operations with Avalanche blockchain technology.
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