Get yourself a crypto tee or surprise a crypto enthusiast in your life with our festive Coin Bureau Merch!
Avalanche Labs Closes in on $5 Billion Valuation
2 min read

Avalanche’s Ava Labs Closes in on $5 Billion Valuation

By News Desk

Ava Labs is seeking a $5.25 billion valuation, making it one of the biggest crypto startups in existence.

In a report from Bloomberg, anonymous sources said that the company is in the middle of a $350 million capital raise in a campaign that hasn’t been announced publicly as of yet.

Ava Labs’ big valuation is on top of Avalanche’s $21 billion market cap, with AVAX currently priced at $75.32.

AVAX has garnered attention as one of the main smart contract platform competitors to Ethereum, offering faster and cheaper transactions with support for a diverse set of applications.

In September of last year, Avalanche raised $230 million via a private sale of AVAX tokens, in a round led by crypto investment giants Polychain and Three Arrows Capital.

Image via Shutterstock

“Despite being years younger than its peers, Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers,” said Emin Gün Sirer, director at the Avalanche Foundation. “The community of builders rallying around the network is a testament to its competitive edge, and there is still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.”

“We are pleased to support Avalanche as the platform continues to grow its vibrant community of open source developers,” said Olaf Carlson-Wee, Founder and CEO, Polychain Capital. “We look forward to seeing the next generation of applications launching on the platform.”

In addition, Terra’s algorithmic stablecoin ecosystem chose Avalanche over Ethereum to partially back its stablecoin reserves. Terra’s Luna Foundation Guard (LFG) added roughly $100 million in AVAX to its UST reserves, temporarily boosting the price.

Newsletter Inline

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Related Posts

FTX Exchange
Withdrawals not Halted at FTX: Instead Binance will Buy FTX
FTX Exchange

Withdrawals not Halted at FTX: Instead Binance will Buy FTX

November 9th, 2022 3 min read
OKX invests in WAX
OKX Blockdream Ventures Invests Millions in GameFi and NFT Development on WAX
OKX invests in WAX

OKX Blockdream Ventures Invests Millions in GameFi and NFT Development on WAX

June 3, 2022 2 min read
Binance partners with the weekend
Binance Partners with The Weekend to Provide First-Ever Web 3 Enhanced World Tour
Binance partners with the weekend

Binance Partners with The Weekend to Provide First-Ever Web 3 Enhanced World Tour

June 3, 2022 2 min read
21Shares Releases Sixth State of Crypto Report
21Shares Releases Sixth State of Crypto Report: Summary
21Shares Releases Sixth State of Crypto Report

21Shares Releases Sixth State of Crypto Report: Summary

June 2, 2022 3 min read
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand

Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand

June 2, 2022 2 min read
Regulators are “Not Allowing” Banks to Engage with Crypto
Bank of America CEO: Regulators are “Not Allowing” Banks to Engage with Crypto
Regulators are “Not Allowing” Banks to Engage with Crypto

Bank of America CEO: Regulators are “Not Allowing” Banks to Engage with Crypto

June 1, 2022 2 min read
US Conference of Mayors Introduces Blockchain Resolution
US Conference of Mayors Introduces Blockchain Resolution
US Conference of Mayors Introduces Blockchain Resolution

US Conference of Mayors Introduces Blockchain Resolution

June 1, 2022 2 min read