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Avalanche Secures $230 Million Funding, AVAX Hits New All-time High

UTC by Bhushan Akolkar · 2 min read
Avalanche Secures $230 Million Funding, AVAX Hits New All-time High
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Avalanche enters the list of top-fifteen cryptocurrencies as its gains past $65 following $230 million fund raise led by Polychain and Three Arrows Capital.

On Thursday, September 16, the Avalanche Foundation made a major announcement securing $230 million in funding for the Avalanche public blockchain ecosystem. Polygon and Three Arrows Capital led the funding along with a group of angel investors and family offices.

Since its launch in September 2020, Avalanche has emerged to be the fastest-growing blockchain ecosystem. So far, it has onboarded more than 270 projects including DeFi ones like Sushiswap, Chainlink, Circle, and The Graph.

The Avalanche Foundation noted that it will use these funds to accelerate the growth of DeFi and other enterprise applications. Besides, Avalanche also aims to support several projects on its blockchain through grants, token purchases, and even by investing in building technology infrastructure. Speaking of this development, Emin Gün Sirer, Director at the Avalanche Foundation said:

“Despite being years younger than its peers, Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers. The community of builders rallying around the network is a testament to its competitive edge, and there is still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.”

Avalanche Price (AVAX) Hits All-Time High after New Funding

Soon as the news arrived, the Avalanche token AVAX surge to its all-time high of $68.58 earlier today. With this, AVAX also makes way to the list of top-fifteen cryptocurrencies by market cap.

As of press time, AVAX is trading 7.13% up at $64.49 and a market cap of $14.2 billion. The AVAX has gained more than 50% on the weekly charts and more than 500% over the last 60 days.

As Avalance claims, it’s the fastest smart contracts platform in the blockchain industry as measured by time-to-finality. Apart from being extremely fast, the Avalanche blockchain is also eco-friendly with low transaction costs.

Avalanche blockchain is useful for individual as well as enterprise-grade applications. It allows users to create reliable, powerful, and secure private and public networks with users having complete control over the implementation.

These “subnets” will serve as the foundation for the new ecosystem for regulated institutional use cases and asset tokenization. Talking about this new investment in Avalanche, Olaf Carlson-Wee, Founder and CEO, Polychain Capital said:

“We are pleased to support Avalanche as the platform continues to grow its vibrant community of open source developers. We look forward to seeing the next generation of applications launching on the platform.”

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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