Avalanche, a rival to Ethereum (ETH), has raised $250,000,000 through a token sale that was led by Galaxy Digital Dragonfly ParaFi Capital.
Avalanche has announced that over 40 companies took part in the transaction, including SkyBridge Hivemind, and Morgan Creek Digital.
When tokens are sold with a lock, they have a certain period of vesting and/or locking.
Proceeds will be used to support the upgrade of Avalanche9000, a blockchain.
Project expects that the network upgrade will increase usage in several crypto-sectors.
Avalanche9000 drives the next-generation of purpose-built, scalable L1 Blockchains. Over 500 L1 blockchains are currently in development, spanning sectors such as tokenization, rewards and loyalty, gaming, payment, and institutional programs .”
Jason Urban, Galaxy’s global head for trading, claims that the funds will be used to boost innovation in blockchain technology.
Our support for Avalanche and the development and scaling of blockchain protocols is vital to the future success of the industry. Galaxy is providing Avalanche the resources and services necessary to promote institutional participation, long-term growth and ensure they can lead Avalanche9000, the next wave in blockchain adoption.
AVAX currently trades at $52.51 and has risen 9.4% over the past 24 hours.
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The post Layer-1 Avalanche Blockchain (AVAX), Announces $250,000,000 token sale Ahead of Upcoming Update may be updated as new information becomes available.
