With $350 million in new funding from Ava Labs, the parent company of smart contract platform Avalanche, Ava Labs' market capitalization will rise to $5.25 billion.
Ava Labs has yet to confirm this high-stakes investment round of $350 million, but with the news, the native token of the smart contract network AVAX has returned to the $80 band, rising around 7 percent since yesterday evening. In September of last year, Avalanche raised a substantial $230 million in funding through the sale of AVAX in a similar investment round.
Although details about the last investment round are not yet clear, Avalanche has received funding from major investment companies such as Polychain Capital, Three Arrows and Andreessen Horowitz in the past. Regarding this development, the news of Terra's non-profit organization Luna Foundation Guard adding $100 million worth of AVAX to its UST reserves had repercussions in the market.
The financing provided by Avalanche, which is considered one of the most powerful projects among smart contract platforms as an Ethereum alternative, is seen as a significant amount. With this financing, Avalanche is thought to be stronger in competition with other smart contract platforms such as Solana and Terra.
Avalanche is currently the 4th largest smart contract platform with a total locked value of approximately $10.7 billion. AVAX, the token of the platform, remains the 10th largest cryptocurrency with a market value of $ 21.75 billion as of the latest situation. With this development, AVAX became the crypto asset that saw the most value increase among the top 10 cryptocurrencies in the morning.
Avalanche (AVAX) price is currently trading at $79.66 according to CoinGecko data. Avalanche (AVAX) has a trading volume of $734,313,500 in the last 24 hours. Avalanche (AVAX) price has increased by 3.0% in the last 24 hours.