Quick take:
- More than 40 investment firms participated in the token sale.
- The company is overhauling its blockchain to lower transaction fees whilst making it easier to run validators on the network.
- Avalanche also launched a $40 million grant program for developers building on its network.
Avalanche has closed a $250 million token sale led by Galaxy Digital, Dragonfly and ParaFi Capital. The fundraising follows the layer-1 blockchain’s recent upgrade which saw it launch Avalanche9000 on testnet.
According to the announcement, more than 40 investment companies participated in the token sale, which seeks to support the company’s latest upgrade. Other notable participants in the round included SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital, Morgan Creek Digital, FinTech Collective, Superscrypt and CMCC Global, the company wrote in a blog post on Thursday.
Commenting on his firm’s leading role in the token sale, Jason Urban, Global Head of Trading at Galaxy, said, “By helping Avalanche reach a broader institutional investor base, we are accelerating their ability to innovate and scale.”
According to Urban, Galaxy is committed to providing Avalanche with the strategic resources and services needed to foster institutional participation and long-term growth. The layer-1 company is positioning itself to lead the next wave of blockchain adoption with Avalanche9000.
This announcement comes just weeks after Avalanche introduced a $40 million grant program for developers building on its network.
The company said last month that the Avalanche9000 upgrade seeks to lower transaction fees and facilitate the running of validators on the network.
Haseeb Qureshi, Managing Partner, Dragonfly commented: “Avalanche’s upcoming Avalanche9000 upgrade represents a pivotal step toward advancing the decentralized finance ecosystem, and we believe Avalanche is uniquely positioned to capture the growing momentum in Web3 and blockchain scalability.”
Highlighting the reasoning behind his company’s decision to issue aits tokenised fund via Securitize, Ben Forman, Founder and Managing Partner of ParaFi Capital added: “Architectural advantages like fast transaction finality and high throughput, combined with customizable virtual machines, make it an ideal platform for securely and compliantly issuing and managing tokenized assets.”
“The upcoming Avalanche9000 upgrade marks a leap forward in scalability and innovation, positioning Avalanche as a leading ecosystem for asset tokenization.”
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