Becoming one of the world’s largest cryptocurrencies Avalanche‘of (AVAX) Ava Labs, the successful developer team behind it, has received new funding.
Ava Labs has managed to receive $350 million in funding, according to information reported by Bloomberg.
Avalanche Raised $350 Million
Together with the said funding, the total value of the company is also of $5.25 billion got on it. Although Ava Labs has not yet made a statement about the funding, Bloomberg announced it with its sources.
Avalanche team, thanks to the private sale of AVAX last September. $230 million He stressed that he had received funding.
It was stated that this funding was made specifically to develop the ecosystem of the project. For this reason, users are now wondering about the purpose and target of the final funding.
Ava Labs was founded in 2018 by Turkish-American computer scientist Emin Gün Sirer and was originally a venture capital giant. Andreessen Horowitz and raised $6 million in 2019 from crypto-focused investment firm Polychain Capital.
The public sale of the AVAX token was also used to raise funds, with the project raising $45 million. Looking at the current funds compared to the funds collected in the early days, it is seen how much the project has grown.
More than $10.69 billion in tokens are currently locked on the Avalanche network. AVAX for now EthereumIt is seen as one of the biggest competitors of . Therefore, every funding obtained can be classified as against ETH.