The Avalanche Foundation, a foundation that stimulates and oversees the development of the Avalanche network, yesterday announced an enormous private sale to have kept. Several major investors joined the round, eventually raising $230 million. This money will be put into the development of the project. AVAX, the network’s token, responded exceptionally well to the news.
Like Ethereum (ETH), Avalanche is a smart contract network. The intent is to compete with Ethereum and other such platforms by offering low transaction costs but fast transaction times. There are now a large number of smart contract networks that compete with each other, including Cardano (ADA) and Polkadot (DOT).
📢 BIG News 📢@Polychaincap and Three Arrows Capital led a $230M investment in the #Avalanche ecosystem to support growth of the platform.https://t.co/T141NFEOIG
— Avalanche 🔺 (@avalancheavax) September 16, 2021
And Avalanche joins that fight too. During a private sale, $230 million worth of AVAX tokens were sold. Investors participating included Polychain and Three Arrows Capital. The money will be used to develop Decentralized Finance (DeFi), business and other applications.
The CEO of Polychain, one of the investors, said the following about Avalanche in a press release:
“We are excited to support Avalanche as the platform continues to grow its vibrant community of open source developers. We look forward to launching the next generation of applications on the platform.”
According to Olaf Carlslon-Wee. The investment round was already completed in June of this year, but was only announced yesterday. Nevertheless, the AVAX price reacted well to the news. The altcoin has already shown great things this year and has been 90% positive since September 8. Last night AVAX also reached a new one as icing on the cake all time high (ATH) from $68.89. As a result, AVAX has been more than 3,200% in the green since the beginning of this year.