Avalanche has raised $250 million from investors including Galaxy Digital, Dragonfly, and ParaFi Capital. The token sale comes as Avalanche nears mainnet launch of its Layer 1 blockchain upgrade.
Avalanche has secured $250 million in a token sale fundraiser as it looks to bring its Layer 1 blockchain upgrade to market.
Galaxy Digital, Dragonfly, and ParaFi Capital led the blockchain project's fundraising efforts, with participation from more than 40 investment firms. These include SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital, and Morgan Creek Digital.
Other backers in the round include FinTech Collective, CMCC Global, Superscrypt, Cadenza, Chorus One, and Tane Labs, according to a Dec. 12 announcement.
Avalanche9000 upgrade
The locked token sale comes a few weeks after Avalanche9000, the project's long-awaited upgrade launched on testnet. Avalanche aims to make transactions and application deployment on L1 99.9% cheaper.
“Our Avalanche support and the growth and scalability of our blockchain protocols are critical to the future of our industry,” said Jason Urban, Global Head of Trading at Galaxy.
“By helping Avalanche reach a broader institutional investor base, we are accelerating their ability to innovate and scale. At Galaxy, we are committed to driving engagement and long-term growth for organizations. We are providing Avalanche with the strategic resources and services needed to ensure Avalanche9000 can lead the next wave of blockchain adoption,” Urban added.
Avalanche9000 targets ecosystem advantages across real-world asset tokenization, gaming, royalties and rewards, and other cross-sector payments. The project introduced a $40 million grant program, including $2 million in referral rewards, to encourage developer activity on Avalanche.
“Avalanche is uniquely positioned to be a driving force in the evolution of on-chain institutional finance,” said Ben Forman, founder and managing partner of ParaFi Capital. “Architectural advantages such as fast transaction finality and high throughput, combined with customizable virtual machines, make it an ideal platform for securely and compliantly issuing and managing tokenized assets. Masu.”
