According to a Thursday Bloomberg report citing anonymous sources in the know, Ava Labs, the Brooklyn-based firm behind popular smart contract platform Avalanche, has raised $350 million in new funding.
The large funding round will increase the company’s value to $5.25 billion. The current fundraising round has yet to be confirmed by Ava Labs.
Avalanche announced in September that it had acquired $230 million through a private sale of AVAX tokens to grow the project’s ecosystem.
Avalanche is one of the leading smart contract platforms trying to dethrone Ethereum. It bills itself as a more faster and less expensive way to run a variety of decentralized apps.
Emin Gün Sirer, a Turkish-American computer scientist, launched Ava Labs in 2018. In 2019, it raised $6 million from Andreessen Horowitz, a venture capital firm, and Polychain Capital, a cryptocurrency-focused investment business. The project raised $45 million through a public auction of its AVAX token in July 2020.
With $10.69 billion in total value secured, Avalanche is the fourth-largest smart contract platform.
AVAX, the Avalanche platform’s native token. It is presently ranked 10th in terms of market capitalization, barely ahead of meme coin Dogecoin. The token’s price has risen 5.41 percent in the last 24 hours. That’s, as a result of the announcement, outpacing Bitcoin and other major altcoins.
Despite the fact that the bitcoin market is still under pressure. Also, cryptocurrency startups continue to draw a large amount of capital.
Lastly, Circle, the company behind USD Coin, just raised $400 million in new capital from investors including Blackrock and Fidelity.
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