Avalanche, a layer-1 blockchain platform, has raised $250 million from a token sale to support its new upgrade, Avalanche9000.
Major investment firms like Galaxy Digital, Dragonfly, and ParaFi Capital led the fundraising effort, joined by more than 40 other firms including SkyBridge, SCB Limited, and Morgan Creek Digital.
Avalanche9000 just launched on a testnet, bringing a financial boost that aims to cut transaction costs and improve application deployment efficiency by 99.9%.
Jason Urban, the global head of trading at Galaxy, highlighted the need to support Avalanche’s growth and scalability, stating that the investment would increase its attractiveness to institutional investors. This support aims to speed up innovation and secure long-term growth for Avalanche, making it a leader in the blockchain field.
The Avalanche9000 upgrade aims to improve the platform’s features in areas like real-world asset tokenization, gaming, and payments. Avalanche has launched a $40 million grant program to boost developer engagement, with $2 million set aside for referral rewards.
Ben Forman, founder of ParaFi Capital, pointed out Avalanche’s benefits, like quick transaction finality and high capacity, making it a great option for safely and properly managing tokenized assets. Avalanche is set to be important in the growth of on-chain institutional finance.
