Avalanche, a blockchain platform competing with Ethereum, just secured a massive $250 million funding round.
Who’s Involved?
The investment came from a group of big-name players in the crypto world, including Galaxy Digital, Dragonfly, and ParaFi Capital. Over 40 companies participated in total, with notable names like SkyBridge, Hivemind, and Morgan Creek Digital also joining the round. This was a “locked token sale,” meaning the investors won’t be able to immediately sell their AVAX tokens.
What’s the Plan?
The money will fuel Avalanche’s upcoming major upgrade, called Avalanche9000. This upgrade is set to launch on December 16th and promises some serious improvements:
- Massive Cost Cuts: Avalanche9000 will slash layer-1 deployment costs by a whopping 99.9% and reduce transaction costs on the C-Chain by 25 times.
The Future of Avalanche
Avalanche believes Avalanche9000 will supercharge the network, making it even more attractive for various crypto projects. They’re already seeing a lot of interest, with over 500 layer-1 chains currently under development on the platform, covering areas like tokenized assets, loyalty programs, gaming, payments, and institutional applications.
Industry Support
Jason Urban, Galaxy Digital’s global head of trading, highlighted the importance of this investment for the future of blockchain technology. He emphasized Galaxy’s commitment to supporting Avalanche’s growth and attracting more institutional involvement.
AVAX Price Surge
The news sent AVAX prices soaring. At the time of writing, AVAX is trading at $52.51, a 9.4% increase in the last 24 hours.
Disclaimer:
This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies./p>
