Ava Labs is reportedly raising $350 million in a confidential setting

Ava Labs is reportedly raising new funds

Ava Laboratoriesthe organization behind the development of the Avalanche blockchain (AVAX), is said to be in the process of achieve a new funding round of 350 million dollars.

The information was revealed exclusively to our colleagues at Bloomberg via several anonymous sources close to the company. This new capital injection would then propel Ava Labs’ valuation at over $5 billion.

The fundraising would have been carried out in a confidential setting, hence the anonymity of the sources. This fundraising campaign would mark an important step, since it would thus put Ava Labs ahead of Binance.USthe American branch of Binance, in terms of valuation.

Further proof of colossal success of Avalanche and its ecosystem. Indeed, created in 2020, it was able to quickly create a place for itself in the top 10 cryptocurrencies with the largest market capitalization, to the point of currently playing neck and neck with Terra (LUNA) which is currently in 9th place.

Additionally, Avalanche has the 4th largest total value locked (TVL) through the 250 applications available on its network, which currently represents over $10.4 billion.

This fundraising would take place in a favorable context for the Avalanche ecosystem, which multiplies the announcements, between the release of Core, its wallet optimized for subnetsor its partnership with Op3n to develop Web 3.0 and non-fungible tokens (NFTs) with its community.

The token AVAX is currently watching a price of $77.6610 less than at the beginning of the week. A price that is part of a generally bearish context following the fall in the price of Bitcoin that has been observed since March 11.

👉 To learn more: How to configure MetaMask to use the Avalanche blockchain (AVAX)?

Source: Bloomberg

About the Author : Maximilien Prue

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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
All articles by Maximilien Prué.

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