Avalanche raises $250 million to boost layer-1 upgrade

• Avalanche
  has
  raised
  $250
  million
  from
  Galaxy
  Digital,
  Dragonfly
  and
  ParaFi
  Capital
  among
  other
  investors.
• The
  token
  sale
  comes
  as
  Avalanche
  nears
  the
  mainnet
  launch
  of
  its
  layer-1
  blockchain
  upgrade.

Avalanche
has
secured
$250
million
in
a
token
sale
fundraiser
as
the
layer-1
blockchain
looks
to
bring
its
upgrade
to
market.

Galaxy
Digital,
Dragonfly,
and
ParaFi
Capital
led
the
blockchain
project’s
fundraiser,
with
more
than
40
investment
firms
participating.
They
include
SkyBridge,
SCB
Limited,
Hivemind,
Big
Brain
Holdings,
Hypersphere,
Lvna
Capital,
Republic
Capital,
and
Morgan
Creek
Digital.

Per
an

announcement
on
Dec.
12,
other
backers
of
the
round
include
FinTech
Collective,
CMCC
Global,
Superscrypt,
Cadenza,
Chorus
One,
and
Tané
Labs.

Avalanche9000
upgrade

The
locked
token
sale
comes
a
few
weeks
after

Avalanche9000,
the
project’s
highly
anticipated
upgrade
launched
in
a
testnet.

Avalanche
is
looking
to
make
transactions
and
deployment
of
applications
on
the
L1
cheaper
by
99.9%.

“Our
support
of
Avalanche,
and
the
growth
and
scalability
of
blockchain
protocols,
is
essential
to
the
future
of
this
industry,”
Jason
Urban,
global
head
of
trading
at
Galaxy,
said.

“By
helping
Avalanche
reach
a
broader
institutional
investor
base,
we
are
accelerating
their
ability
to
innovate
and
scale.
At
Galaxy,
we
are
providing
Avalanche
with
the
strategic
resources
and
services
needed
to
foster
institutional
participation
and
long-term
growth,
ensuring
they
can
lead
the
next
wave
of
blockchain
adoption
with
Avalanche9000,”
Urban
added.

Avalanche9000
targets
ecosystem
dominance
across
real-world
asset
tokenization,
gaming,
loyalty
and
rewards,
and
payments
among
other
sectors.
The
project
introduced
a
$40
million
grant
program
that
includes
$2
million
for
referral
rewards,
to
incentivize
developer
activity
on
Avalanche.

“Avalanche
is
uniquely
positioned
to
be
a
driving
force
in
the
evolution
of
on-chain
institutional
finance,”
Ben
Forman,
founder
and
managing
partner
of
ParaFi
Capital,
said.
“Architectural
advantages
like
fast
transaction
finality
and
high
throughput,
combined
with
customizable
virtual
machines,
make
it
an
ideal
platform
for
securely
and
compliantly
issuing
and
managing
tokenized
assets.”