AVALANCHE RAISES 250 MILLION USD
On December 12, 2024, Avalanche announced it successfully raised 250 million USD through a private token sale, led by Galaxy Digital, Dragonfly, and ParaFi Capital, along with more than 40 other companies such as SkyBridge and Morgan Creek Digital. This is one of the largest funding rounds since 2022.
FUNDRAISING GOALS
Launch
• Avalanche9000 (12/16/2024): Significantly reducing blockchain deployment costs.
• Node setup fee decreased from 2,000 AVAX (~100,000 USD) to 1.33 AVAX/month.
• Connecting all subnet networks through Liquidity Hub, optimizing interoperability.
Building the ecosystem:
• Attracting institutional investors and expanding partnerships.
• Encouraging large funds and financial companies to participate in the network.
SIGNIFICANCE
• Avalanche has 3 billion USD in the development fund, but fundraising helps boost the ecosystem, expand the market, and attract partners.
• Jason Urban (Galaxy Digital) asserts: Expanding to institutional investors is a strategic move to lead innovation and grow the industry.
MAJOR PARTNERS AND APPLICATIONS
• BlackRock: The largest fund in the world expands its platform on Avalanche.
• Franklin Templeton: Launching financial products on this network.
• ParaFi Capital: Tokenizing part of a fund on Avalanche (09/2024).
• Gaming: The survival game "Off The Grid" on Avalanche reached the top downloads on the Epic Games Store in October.