Avalanche [AVAX] hits ATH after securing $230M worth funds

Avalanche announced raising $230M led by Polychain Capital and Three Arrows Capital. AVAX coin recorded an ATH since. The new investment is distributed to the Avalanche ecosystem.

R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital, and a group of angel investors and family offices joined the leading ventures in this investment round. The new investment is the result of a private token sale in June 2021. The Avalanche Foundation is responsible for distributing the new fund. Investments will be distributed between projects on Avalanche with a focus on supporting and accelerating the growth of DeFi on this blockchain.

Supporting Projects on Avalanche

Raising funds is always good news for blockchain communities. When a public blockchain receives funds in terms of token sale or other means, developers and end-users find more opportunities for earnings and growth. The new investment in Avalanche from leading ventures like Polychain Capital has resulted in good growth opportunities, too. The AVAX token recorded an ATH, currently trading at $64.3, that can be the result of token sales that happened in June. But it’s not the only result.

Avalanche Foundation will distribute the $230M investment between projects with numerous goals on the blockchain. Supporting the growth of DeFi is one of the most important goals. But enterprise applications and similar solutions have the opportunity to receive grants, too. The support will be done in the form of grants, token purchases, and other investment methods.

Emin Gün Sirer, Director at the Avalanche Foundation, said:

“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. 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.”

Avalanche is one of the fastest-growing blockchain ecosystems in the industry. Launched in September 2020, it now supports about 270 big projects. Some of the most famous DeFi projects are already building on this blockchain: ether, SushiSwap, Chainlink, Circle, and The Graph.

The new investment by Polychain Capital and other private token buyers can help the Avalanche ecosystem grow faster. New projects and small teams now have the opportunity to launch their projects in this blockchain and receive grants for support. It can create a good hype around the blockchain and ultimately result in more ATHs for the AVAX token, too.