The non-profit organization Avalanche Foundation, overseeing the development of the eponymous blockchain, raised $230 million in a private sale of AVAX tokens. The funding was led by Polychain and Three Arrows Capital.
📢 BIG News 📢@Polychaincap and Three Arrows Capital led a $230M investment in the #Avalanche ecosystem to support growth of the platform.https://t.co/T141NFEoIG
— Avalanche 🔺 (@avalancheavax) September 16, 2021
The project was also backed by R/Crypto, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital, as well as a group of unnamed angel investors and family offices.
Avalanche Foundation had closed the token sale back in July 2021, but it only announced it now. The funds from investors will be used to support the growth of the DeFi ecosystem on its platform, as well as the development of enterprise applications and alternative uses of blockchain technology.
Some of the funds will be used to finance grants and other forms of technical support.
Against the backdrop of news of the private sale closure, AVAX’s price rose nearly 24%, according to CoinGecko. At the time of writing, the asset was trading near $65.
In August, Avalanche Foundation created a $180 million fund, the proceeds from which will be used to attract DeFi-sector applications and assets into the network.
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