Avalanche raises $250 million to launch the Avalanche9000 update

Avalanche has launched its new update Avalanche9000, after raising 250 million dollars from the private sale of locked-token. Leading the funding were Galaxy Digital, Dragonfly, and ParaFi Capital.

Avalanche: the 250 million dollar fundraising and the launch of the Avalanche9000 update

Avalanche announced that it raised 250 million dollars from a private sale of locked-token, led by Galaxy Digital, Dragonfly, and ParaFi Capital. From here, the crypto company then launched its Avalanche9000 update.

“Avalanche announces a private sale of locked-token worth 250 million dollars led by Galaxy Digital, Dragonfly, and ParaFi Capital, highlighting the growing confidence in Avalanche’s blockchain ecosystem ahead of the Avalanche9000 upgrade.”

For the investment of Avalanche, more than 40 high-level investment companies participated.

Among others, there are SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital, Morgan Creek Digital, FinTech Collective, CMCC Global, Superscrypt, Cadenza, Chorus One, and Tané Labs.

In this regard, Jason Urban, Global Head of Trading at Galaxy said:

“Our support for Avalanche, the growth and scalability of blockchain protocols, is essential for the future of this sector. At Galaxy, we are providing Avalanche with the strategic resources and services necessary to promote institutional participation and long-term growth, ensuring that it can lead the next wave of blockchain adoption with Avalanche9000.”

Avalanche and the Avalanche9000 update: the novità

According to what is reported, the influx of capital follows the launch of the Avalanche9000 testnet, a milestone that paves the way for the upcoming mainnet network upgrade.

At stake, there will be a 99.9% reduction in implementation costs of the Avalanche Layer 1 (L1) blockchain. Not only that, but also the transaction costs on the consolidated C-Chain will be reduced by 25 times.

The Avalanche9000 testnet introduces also Retro9000, a 40 million dollar retroactive grants program, including 2 million dollars in referral rewards, aimed at supporting developers building on Avalanche.

Avalanche9000 is leading the next generation of scalable and purpose-built L1 blockchains.

More than 500 L1 chains are already in development in sectors such as the tokenization of real-world assets (RWA), loyalty and rewards, gaming, payments, and institutional programs.

With a proven utility, the mainstream L1 of Avalanche heavily transacted, such as DeFi Kingdoms, Dexalot, Off The Grid, Lamina1, Pulsar, SK Planet, and StraitsX, continue to provide a scalable impact and many others are in the launch phase.

The complete rollout of Avalanche9000 is scheduled for Monday, December 16.

The price of AVAX

When there is news of this type, it is easy for there to be reactions on the price of the project’s native crypto, here is how Avalanche (AVAX) is behaving.

At the time of writing, AVAX is worth $51.53, in a price pump of +2% compared to 24 hours ago.

Expanding the chart, AVAX has recorded a price increase of over 60% in the last 30 days. Only on December 9, 10, 11, and 12, the price of AVAX dropped down to reach $42 before returning to today’s levels.

AVAX is the 11th crypto by market capitalization, holding a total of over 21 billion dollars.