The $AVAX token is valued at nearly $22 billion
The massive fundraise will boost the company’s valuation to $5.25 billion. Ava Labs is yet to confirm the latest funding round.
Last September, Avalanche disclosed that it had raised $230 million through a private sale of AVAX tokens in order to further expand the project’s ecosystem. Avalanche is one of the top smart contracts platforms that are vying to steal Ethereum’s crown. It positions itself as a much faster and cheaper alternative for running various decentralized applications.
Ava Labs was founded by Turkish-American computer scientist Emin Gün Sirer back in 2018. It initially raised $6 million from venture capital giant Andreessen Horowitz and cryptocurrency-focused investment firm Polychain Capital in 2019. In July 2020, the project raised $45 million through a public sale of its AVAX token.
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