The amount of $200 million will be used to support projects on the Avalanche blockchain

​Avalanche Foundation has created a fund for the ecosystem development

02.11.2021 - 07:50


1 min


What's new? The Avalanche Foundation has published a tweet with details about the creation of the development fund called Blizzard. The total amount of the fund's money amounted to $200 million.

Who participated in the creation? Contributions to the fund development were collected from the following companies: Polychain Capital, Three Arrows Capital, Dragonfly Capital, CMS Holdings, Ava Labs and the Avalanche Foundation.

What will the funds be used for? The purpose of the fund is to support projects in the Avalanche public blockchain ecosystem. The main focus will be on the development of four areas: decentralized finance, NFTs, enterprise applications and the cultural sphere.

The main measures of project support include equity investments, token purchases, assistance in business development and integration of startups into the ecosystem.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy