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Ava Labs, the parent company of smart contract platform Avalanche, has found $350 million in new funding. With this amount of money raised, Ava Labs' market capitalization will rise to $5.25 billion.
Avalanche now
Avalanche is rising at these moments by more than 3.8% to record $80.31 for the symbol, amid a positive transformation that digital currencies are currently experiencing with the rise of Bitcoin, Rubil and Solana.
Details of the transaction
According to a Bloomberg report, Ava Labs has yet to confirm this high-risk investment round, but with the news release, the smart contract network token, AVAX, is back in the $80 range, up around 7 percent since yesterday evening.
In September last year, Avalanche Coin raised $230 million in funding through the sale of AVAX in a similar investment round. Being one of the most powerful projects among smart contract platforms as an Ethereum alternative, the funding provided by Avalanche is seen as a significant amount. With this funding, Avalanche is believed to be stronger in competition with other smart contract platforms such as Solana and Terra.
Avalanche: 4th largest smart contract platform
Avalanche is currently the fourth largest smart contract platform with a total value of about $10.7 billion. The platform token, AVAX, remains the tenth largest digital currency with a market capitalization of $21.75 billion today. With this development, AVAX has become a crypto asset that has seen the biggest increase in value among the morning's top 10 cryptocurrencies.
Avalanche network continues to gain attention
Although details of the latest investment round are not yet clear, Avalanche has received funding from major investment firms such as Polychain Capital, Three Arrows and Andreessen Horowitz in the past.
In connection with this development, news that Terra's nonprofit Luna Foundation Guard has added $100 million worth of AVAX to its ground tank reserves has had market repercussions.
Cryptocurrency markets are still under pressure, while global companies continue to take an interest in crypto companies. On the topic, this week saw Blackrock and Fidelity raise $400 million in new funding to Circle