Ava Labs, Inc., the main developer of the Avalanche blockchain, is opening a new $350 million funding round at a valuation of $5.25 billion. This figure would make Ava Labs one of the most highly-valued crypto startups in the world, according to people familiar with the discussion. The company was founded and helmed by Cornell University professor Emin Gun Sirer.
Ava Labs was established in 2018 and received $6 million in financing in 2019. Investors back then included fund giant Andreessen Horowitz (a16z) and Polychain.
Later in September 2021, the Avalanche Foundation completed a $230 million private financing round led by Polychain and Three Arrows Capital.
Despite the market’s poor performance last week, the Avalanche ecosystem made substantial progress. According to Coincu Ventures analysis, average daily transactions April 04 – April 10 on Avalanche remain 843,769 transactions. Down 3.5% since last week (873,970). The number reached 856,125 transactions at the peak of the data on April 8. And the lowest was on April 10, with 815,538 transactions. The decline in the value of Bitcoin weighed on the indexes. Trades have been restricted.
Moreover, AVAX, the native token of Avalanche blockchain has been added to Terra’s reserves last week. Terra announced to purchase of Avalanche (AVAX) tokens worth $100 million in a ‘treasury Swap’ between LUNA and AVAX. AVAX is the first significant cryptocurrency other than bitcoin to find its way into the stablecoin’s reserve as a result of this OTC deal to add the stated AVAX tokens to UST reserves. The AVAX purchase will assist both ecosystems to thrive by integrating the LUNAtics and Terra builders with the lively Avalanche environment, ushering in an immersive cross-chain experience.
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