Avalanche developer Ava Labs is on track to raise a staggering $350 million, according to a recent Bloomberg report
Ava Labs, the Brooklyn-based company behind popular smart contract platform Avalanche, has secured $350 million in fresh funding, according to a Thursday report by Bloomberg that cites unnamed sources with knowledge.
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 revealed that it had raised $230 million through a private sale of AVAX tokens 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 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.
Avalanche is the fourth-biggest smart contract platform with $10.69 billion worth of total value locked.
AVAX, the native token of the Avalanche platform, currently ranks 10th in terms of market capitalization, just above the Dogecoin meme coin. The token’s price has climbed 5.41% in the past 24 hours on the news, outperforming Bitcoin and other top altcoins.
Cryptocurrency companies keep attracting plenty of capital despite the fact that the cryptocurrency market remains under pressure. As reported by U.Today, Circle, the issuer of USD Coin, recently raked in $400 million in new funding from such big-name investors as Blackrock and Fidelity.