Avalanche Received $230M Funding with its Token AVAX Hitting a Record High of $68.89

On September 16, the Avalanche Foundation received a $230 million investment from a group led by Polychain and Three Arrows Capital. The price of Avalanche‘s token AVAX soared to a record high of $68.89 today.

Through the private sale of AVAX cryptocurrency, R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital, and a group of angel investors and family offices participated in the $230 million financings led by Polychain and Three Arrows Capital.

Avalanche stated that the Bauhinia obtained this time will accelerate the expansion with the rapid growth of decentralised finance or DeFi, enterprise applications, and enterprise applications on the Avalanche public blockchain.

The director from Avalanche Foundation stated that Avalanche continues to develop the community to cash out its competitiveness, and still has great potential to be tapped at the intersection of institutions and decentralised finance, and said that:

"Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers."

Avalanche network is compatible with Ethereum cross-chain. Smart contracts initially operated on the Ethereum network can be migrated to the Avalanche ecosystem to enjoy higher throughput and low-cost transactions with higher gas fees than the Ethereum (ETH) chain.

According to the project's website, the first layer protocol can exceed 4,500 transactions per second (TPS), and the finalised time is less than 2 seconds.

According to Coinmarketcap, AVAX has risen 52.08% in the past week and is currently ranked as the 13th largest cryptocurrency by market cap with a market cap of $14,128,365,250.