Ava Labs Is Going To Raise $350 Mln At $5 Bln Valuation

Ava Labs, creator of the Avalanche blockchain, is in the process of raising a new funding round that will give it a $5.25 bln valuation, according to a Bloomberg report. The Brooklyn, New York-headquartered startup is going to raise $350 mln, according to the report.

The $5.25 bln valuation will place Ava Labs among the most valuable crypto startups in the world, behind Polygon, with a $20 bln valuation following its recent funding round, and USDC stablecoin backer Circle, with a $9 bln valuation in February.

The Avalanche blockchain was created as a competitor to networks such as Ethereum and Solana. Avalanche promises faster transaction processing speed and lower fees. Currently, about 250 decentralized applications are running on this network. The capitalization of the AVAX cryptocurrency is $21.5 bln, while the price has grown by 19% over the past month.

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