🚀 Avalanche Raises $250M from Galaxy Digital and Other Funds
posted 12 Dec 2024
Avalanche successfully raised $250M in a private token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital, with backing from 40 other crypto funds.
Layer 1 blockchain Avalanche announced it has raised $250M through a private token sale. The funding round was spearheaded by Galaxy Digital, Dragonfly, and ParaFi Capital, with contributions from an additional 40 crypto-focused funds. The tokens sold in this round will be released to investors in stages.
The funding follows the launch of Avalanche9000 testnet, a critical milestone ahead of the mainnet upgrade. This upgrade is expected to cut deployment costs on the Avalanche network by 99.9% and reduce transaction fees on the C-Chain (its smart contract network) by 25x.
The Avalanche9000 mainnet upgrade is planned for early 2025, focusing on improving scalability and providing enhanced tools for decentralized application development.
Avalanche’s previous major funding round was in December 2021, when it raised $230M from Polychain and the now-defunct Three Arrows Capital.
Our support of Avalanche, and the growth and scalability of blockchain protocols, is essential to the future of this industry,Galaxy Global Head of Trading Jason Urban said.
Avalanche9000 also introduces the Retro9000 program, offering $40M in retroactive grants, with $2M allocated for referral rewards. This initiative aims to support developers creating solutions on the Avalanche network.
The Avalanche9000 mainnet upgrade is planned for early 2025, focusing on improving scalability and providing enhanced tools for decentralized application development.
Avalanche’s previous major funding round was in December 2021, when it raised $230M from Polychain and the now-defunct Three Arrows Capital.
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