PayPal Founder's Fund Invests in Altcoin Project Expected to Airdrop
The investment fund of PayPal founder Peter Thiel invested in the project to launch its own cryptocurrency.
According to the announcement made today, modular blockchain project Avail has raised $43 million in Series A investment.
More than 10 investors participated
Avail received a $27 million seed investment in February. The Series A investment was led by Founders Fund, of which Peter Thiel is a partner, and Dragonfly and Cyber Fund.
Other investors included SevenX Ventures, Figment Capital, Nomad Capital, Chapter One, Foresight Ventures, Mirana Ventures, KR1, Alliance and Hashkey Capital.
According to Avail's founder Anurag Arjun, it has been agreed that investors will be given shares and tokens in the future.
Preparing for its own cryptocurrency
Avail is a modular blockchain project that builds a rollup-focused infrastructure. The Avail project, established under the umbrella of Polygon, started operating independently last year.
Avail's DA layer is currently in the testing phase. It was announced that more than 115 million transactions took place on this network.
The Avail team plans to launch its mainnet along with the AVAIL token in the next few weeks.
Arjun intends to use the funds transferred by investors to grow his team, which currently numbers around 50 people.
