CCOINHOT – Ava Labs Inc., developer of the decentralized blockchain network, Avalanche, has reportedly begun its expansion into the cryptocurrency industry by raising billions of rupees in funding.
Targeting $ 350 million or Rs.5.28 billion in financing (with $ 14,366 units), Ava Labs plans to try new luck in the crypto industry by offering fast transactions and low fees for trading, lending and gaming activities.
Ava Labs ’presence in the crypto industry is expected to be a new competitor to former blockchain chains such as Solana to Polkadot.
Although so far, Ava Labs representatives have not provided further details on when this funding will begin. But Ava Labs ’new plans to launch this crypto network have caught the world’s attention.
Even the Avalanche Summit held in Barcelona, Spain, from 22 to 27 March 2022, was attended by many well -known developers and investors.
Ava Labs Inc.’s existence in the blockchain world is undeniable, although only founded in 2018, Ava managed to raise $ 290 million in funding, according to Crunchbase records.
Then in June 2020, Ava Labs managed to raise $ 12 million in private token sales, and in July of the same year, Ava Labs once again raised $ 42 million from Avalanche token (AVAX) sales.
While its expansion into the cryptocurrency industry is still in the planning stages, with the first round of funding reaching $ 350 million, the company has grown to $ 5.25 billion in value, making it one of the most valuable startups in the crypto space. industry.