Ava Labs has raised $42 million during a 4.5 hour public sale of its Avalanche Token (AVAX), which secures the network through staking, platform fees and providing basic unit of accounts between a set of nodes.
The Avalanche Token is a utility token and the proceeds of the capital raise will be used on growth and development of the network.
“It’s clear that the market was craving a project of this caliber,” says John Wu, President of Ava Labs. “The success and velocity of the Avalanche sale is a testament to the quality of our project, and the impact it can have on both institutional and decentralised finance.”
Emin Gün Sirer, who was interviewed by Coin Rivet at last year’s Paris Blockchain week, added: “Last week’s sale is significant validation for the technology, team, and vision behind Avalanche, and just the latest of many milestones to come for the project.
“Thank you to everyone who has contributed to its success thus far, and we look forward to welcoming the next waves of people into the Avalanche community.”
For more news, guides and cryptocurrency analysis, click here.