Avalanche Raises $42M From Token Sale In 4.5 Hours

Blockchain protocol project Avalanche raised $42 million from the public within 4.5 hours.

The public token sale occurred in the early hours of Wednesday, July 15. The 72 million Avalanche tokens (AVAX) offered to the public only lasted under five hours. AVA anticipated the public offering would last up to two weeks.

The tokens offered represent only 5% of its fixed cap. The project intends to offer 50% of its fixed cap during launch. The sale drew participants from all over the world, including Ethereum’s Genesis Block. The Genesis Block was the first block of private networks on the blockchain. The sale was conducted per US financial regulations.

The fundraising round is coming just one month after it raised $12 million from private investors such as Bitmain and Galaxy Digital. It was led by its founder, Emin Sirer. AVA Labs, the project developer, is also expected to have a mainnet launch this August. 

In February 2019, AVA raised $6 million in its Series A round. Some of the early investors include MetaStable, Polychain, and Andreessen Horowitz.

Unlike other blockchain projects, AVAX owners have a say on the development of the token. Participants are welcome to offer input beneficial to the growth of the network.

Last month, BiLira (TRYB), a new Turkish stablecoin, announced that it would be building its token on the AVA blockchain.

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