TechFlow news, December 12 — According to Forbes, the Avalanche Foundation announced it has raised $250 million through a private token sale for its blockchain platform. The round was co-led by Galaxy Digital, Dragonfly, and ParaFi Capital, with over 40 institutions participating, including SkyBridge and Morgan Creek Digital.
Emin Gün Sirer, co-founder of Avalanche, said the main goal of this funding round is "to gain endorsement from partners and incentivize the right collaborators to build together." Forbes estimates that the Avalanche Foundation currently holds approximately $3 billion worth of AVAX tokens. Jason Urban, Head of Global Trading at Galaxy, emphasized the strategic significance of the deal, stating, "By expanding Avalanche’s reach among institutional investors, we are accelerating its innovation and scalability."
In addition, Avalanche will launch its upgraded version, "Avalanche9000," on December 16, which will significantly reduce the cost of launching blockchains within its ecosystem.
