Avalanche raises $230M in recent token sale - OhNo WTF Crypto

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Avalanche raises $230M in recent token sale


High-speed network Avalanche recently announced a private sale of its AVAX tokens that raised over $230 million from a number of institutional investors on Thursday.

Leading investors were Polychain and Three Arrows Capital, with the participation of high profile investors including R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital, and a group of unnamed angel investors and family offices.

Avalanche has supported more than 220 projects since launching its mainnet in September 2020.

Talking about the new funds raised, Emin Gün Sirer, Director at the Avalanche Foundation, said:

“Despite being years younger than its peers, Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers. The community of builders rallying around the network is a testament to its competitive edge, and there is still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.”

In its press release, the network said it will support and accelerate the growth of Decentralized applications and enterprise-level solutions. The announcement was made via a press release on Thursday. The press release issued statements from the executives of several high-profile executives.

The leading investor, Three Arrows Capital, has been investing in Avalanche since the beginning. Kyle Davies, Chairman, at Three Arrows Capital, said:

“Avalanche has found a product-market fit for what DeFi users want today, while also building for where the space is moving with custom blockchains on the platform.”

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