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Avalanche Raises $230 Million From Sale of Surging Crypto Token

  • Cryptocurrency AVAX jumps 65% in past week to top 20 rankings
  • Polychain, Three Arrows Capital led the investment purchase
Avalanche HP

Source: Avalanche

The foundation behind the Avalanche blockchain said it received a $230 million investment from a group led by Polychain and Three Arrows Capital, through the private sale of its surging AVAX cryptocurrency. 

R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital and a group of angel investors and family offices also participated in the investment, according to a statement. The Avalanche Foundation will use proceeds from the token sale -- which was completed in June -- to support and accelerate the rapid growth of decentralized finance or DeFi, enterprise applications, and other use cases on the Avalanche public blockchain.