Avalanche (AVAX) developer Ava Labs reportedly raising $350 million in new funding at a $5.25 billion valuation.
Bloomberg reported this new fundraising on Thursday. The prestigious publication also cited people familiar with the discussions — although only one source gave the valuation.
The Block notes that the Avalanche blockchain was launched in September 2020 by Ava Labs as an “Ethereum killer.”
It has garnered over $13 billion worth of total value locked (TVL) to date compared to Ethereum’s over $115 billion, according to data from DeFi Llama.
Avalanche is currently the fourth-largest blockchain after Ethereum, Terra, and BNB Chain, according to official notes.
It’s also important to mention the fact that if successful, the fundraising will make Ava Labs one of the highest valued crypto startups.
According to the same notes, Ava Labs and related entities have raised nearly $250 million to date from high-profile investors.
Back in September 2021, the Avalanche Foundation raised $230 million in a token sale led by Polychain and Three Arrows Capital.
It had previously raised $18 million in two rounds.
New AVAX price prediction is here
It’s been just revealed that new Ethereum competitors’ price predicitons are here. The crypto market is struggling to recover following multiple price corrections.
According to the latest reports, a popular crypto analyst is mapping out what’s in store for Ethereum rivals Terra (LUNA) and Avalanche (AVAX) as the digital asset markets flash signs of life.
In a new strategy session, Altcoin Sherpa explained that decentralized finance (DeFi) payment network Terra looks strong on the shorter timeframes as it continues to establish higher lows.
“It’s still, in my opinion, a bullish market structure on the four-hour [chart] and the EMAs (exponential moving averages) still look pretty decent as well.”
At the moment of writing this article, AVAX is trading in the red and the coin is priced at $77.90. Stay tuned for more crypto news.