Avalanche, the highly-scalable, open-source platform for launching decentralized finance (DeFi) applications, has raised $12 million in a private token sale. Investors include Galaxy Digital, Bitmain, Initialized Capital, NGC Ventures, Dragonfly Capital, and dozens of other individuals.
Avalanche (previously AVA) has recently gone through a brand consolidation and the closing of its private token sale follows the successful launch of its Denali Testnet, which had over 1,000 full block producing nodes actively staking and participating in the consensus protocol.
“We have purposefully and deliberately established our entire project, structure, and token distribution to deliver fair and open access to the Avalanche network,” said John Wu, President of AVA Labs. “We’re excited to have private sale participants that are committed to supporting Avalanche, and building an internet of finance driven by, and for, its community.”
Roger Lim, Founding Partner at NGC Ventures, said that for decentralized finance to reach its potential, there must be significant improvements to both the volume and velocity of activity networks can process.
“Avalanche is achieving both through its innovative approach to consensus and deep understanding of how to build highly-performant networks,” Lim said.
The foundation behind the Avalanche network, Avalanche Foundation Limited, and its affiliates will be conducting a public sale soon. All investors must be “accredited investors” as defined under Rule 501 of Regulation D or must not be a “U.S. Person” as defined by Regulation S under the Securities Act and meet other suitability standards. Accredited investors will be required to verify their accredited status in compliance with Rule 506(c). For non-US Persons, participation may be limited to qualified investors or similar designation, as defined by such investors’ country or region.
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