Avalanche blockchain developer Ava Labs is raising $350 million at a $5.25 billion valuation in a move that will see it compete with major blockchain networks.
The firm is raising funds despite the recent crypto market volatilities, which has seen bitcoin drop from the previous highs due to macro risks and the anticipated interest rate hikes.
Data from Analytics Company DappRadar reveals that Avalanche hosts about 250 active applications supported by native AVAX tokens, with a market capitalization of $21.5 billion.
Avalanche closed another funding round in 2020 of $230 million through a token sale that attracted interest from Three Arrows and Polychain Capital. The company, founded in 2018, also raised $6 million in previous funding rounds with Polychain and Horowitz.
Avalanche is built to rival blockchains like Ethereum and Solana with high transaction speeds for trading, lending, and gaming applications.
Source: BNN Bloomberg
