Development company Ava Labs, standing behind the Avalanche blockchain protocol, is raising a new fund. An article by Bloomberg says that the new valuation makes Ava Labs one of the cryptocurrency startups with highest value.
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Established in 2018, the firm is raising $350 M at a $5.25 bln valuation, persons familiar with the subject told Bloomberg.
Avalanche is a smart contract platform. It allows the building of various decentralized apps such as trading platforms, games, lending apps, etc.
According to the data tracker DeFi Llama, Avalanche is the fourth blockchain by the total value locked in its smart contracts. Currently, Avalanche's TVL stands above $10.6 bln.
Avalanche's native coin AVAX trades at around $80 at the moment. It is the 10th largest crypto with a market cap of more than $21.6 billion.
Recently, AVAX was included in the crypto asset manager Grayscale’s line of investment funds. In March, Avalanche managed a hackathon in Barcelona, to which more than 250 hackers attended.