Ava Labs to Raise New Funding Round at $5B valuation

Ava Labs, the team behind the development and management of Avalanche public blockchain, is raising a new funding round at a valuation of $5 billion, according to Bloomberg.

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According to people familiar with the matter, the funding raised might reach $350 million, and Ava Labs will become one of the most valuable crypto startups globally.

AVA is a next-generation blockchain platform with revolutionary scalability, decentralization, security, and flexibility.

Avalanche is an open, programmable smart contracts platform for decentralized applications, becoming one of the fastest-growing blockchain protocols currently. The network prides itself on the fastest smart contract in terms of time to finality.

Ava Labs has raised a total of $290.1 million in funding over seven rounds.

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Their latest funding was raised on Sep 16, 2021, from an Initial Coin Offering round. While on September 16, last year, the Avalanche Foundation received a $230 million investment from a group led by Polychain and Three Arrows Capital.

The Avalanche network is compatible with the 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.

Image source: Shutterstock

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