Avalanche developer raised $350 million

The AVAX token also rose in price: its value has increased by 4,1% in 24 hours

14.04.2022 - 14:25

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What’s new? Ava Labs, the company that developed the Avalanche blockchain, has raised $350 million in new funding. The company is now valued at $5,25 billion, Bloomberg reports, citing an anonymous source. It wished to remain anonymous as the amount of the round has not yet been made public.

Information on the Bloomberg website

What is known about Avalanche? The Avalanche blockchain was launched in September 2020 by Ava Labs. According to DeFiLlama, Avalanche is the fourth-largest blockchain after Ethereum, Terra, and BNB Chain in terms of the amount of funds blocked. In September 2021, the Avalanche Foundation raised $230 million in a token sale led by Polychain and Three Arrows Capital. Before that, it had raised $18 million in two rounds.

What had happened before? The two companies behind the development of the Terra blockchain, Terraform Labs (TFL) and the Luna Foundation Guard (LFG), announced the acquisition of the Avalanche Foundation’s tokens (AVAX) for a total of $200 million. This purchase should strengthen Terra UST’s stablecoin.

. As of April 14, the asset is trading at $80,5. The market capitalization is $21,2 billion, according to CoinGecko.

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