Avalanche Foundation launches $200 million development fund

The Avalanche Foundation, a non-profit organization, announced the launch of a development fund of more than $200 million to accelerate development, growth, and support for innovation in the Avalanche public blockchain ecosystem.

The Blizzard fund was assembled by contributions from the Avalanche Foundation, Ava Labs’ incubator, and venture firms Polychain Capital, Three Arrows Capital, Dragonfly Capital, CMS Holdings, and others.

The initiative focuses on four core areas: DeFi, enterprise applications, NFT, and the cultural sector.

In Blizzard, they did not rule out supporting other avenues for ecosystem development, including the issuance of security tokens, attracting liquidity providers, and digital identity.

Support for projects includes equity investments, participation in token sales, investments in technology, business development, and integration into the ecosystem.

“The Avalanche community has shown tremendous growth in the past two months — users, resources and applications have joined at record pace. Blizzard will play a key role in accelerating this process further,” said Emin Gün Sirer, CEO of the Avalanche Foundation.

In August, the organization launched a $180 million fund to bring DeFi projects into the network.

In September, the Avalanche Foundation raised $230 million through a private token sale.

Earlier, the launch of the project’s mainnet occurred in September 2020.