Avalanche raised $250 million to boost the Tier-1 upgrade
Avalanche has raised $250 million from Galaxy Digital, Dragonfly and ParaFi Capital among other investors. The token sale comes as Avalanche approaches the mainnet where it will begin its layer-1 blockchain upgrade.
Avalanche has raised $250 million in token sales as it looks to bring its Layer-1 blockchain update to market.
Galaxy Digital, Dragonfly and ParaFi Capital led the fundraising for the blockchain project, with more than 40 investment firms participating. They include SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital and Morgan Creek Digital.
In an announcement made on December 12, other backers of the round include Fintech Collective, CMCC Global, Superscrypt, Cadenza, Chorus One and Tané Labs.
Update Avalanche9000.
The locked token sale comes just a few weeks after Avalanche9000, the project's highly anticipated update, launched in the testnet. Avalanche aims to make transactions and applications 99.9% cheaper on L1.
“Our support of Avalanche and the development and expansion of blockchain protocols is critical to the future of this industry,” said Jason Urban, head of global business at Galaxy.
“By helping Avalanche reach a broader institutional investor base, we accelerate their ability to innovate and scale. At Galaxy, we're providing Avalanche with the strategic resources and services needed to drive institutional engagement and long-term growth, ensuring they can lead the next wave of blockchain adoption at Avalanche9000.
Avalanche9000 aims to dominate the ecosystem in real-world asset tokens, gaming, loyalty and rewards, and payments, among other sectors. The project introduced a $40 million grant program that includes $2 million in referral rewards to encourage developer activity on Avalanche.
“Avalanche is positioned as a driving force in the evolution of chain institutional finance,” said Ben Foreman, founder and managing partner of Parafi Capital. “Architecture benefits such as fast transaction summary and high throughput, combined with customizable virtual machines, make it the ideal platform for issuing and managing assets held securely and compliantly.”
