Official announcement from Avalanche or major blockchain news outlets

Avalanche Secures $250M in Token Sale to Boost Ecosystem with Upcoming Avalanche9000 Upgrade

Dec 12, 2024, 02:10 PM

Avalanche has raised $250 million through a private token sale, despite holding $3 billion in its treasury. The sale was led by Galaxy Digital, Dragonfly, and ParaFi Capital, with participation from over 40 investment firms including SkyBridge and Morgan Creek Digital. This fundraising effort is not primarily about capital but about aligning with strategic partners to enhance Avalanche's blockchain ecosystem. The funds come ahead of the 'Avalanche9000' upgrade, which aims to significantly reduce costs for launching blockchains within its ecosystem, moving from a one-time payment of 2,000 AVAX to a monthly subscription of 1.33 AVAX. This upgrade supports Avalanche's vision of a multi-chain architecture, which has already seen success with applications like the battle royale game 'Off The Grid' and financial products like BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) and Franklin Templeton's OnChain U.S. Government Money Market Fund.