AVAX Price Rides Wave as Avalanche Developer Reportedly Seeks USD 350M in Funding

Source: AdobeStock / AndriiKoval

With Ava Labs, the lead developer of the Avalanche blockchain, said to pursue new funding round, possibly becoming one of the most highly valued crypto-focused startups, the price of its native coin AVAX is accelerating upwards.

With the aim to support its further expansion, the company is seeking some USD 350m in funding at a valuation of about USD 5.25bn, a person close to the effort told Bloomberg.

At 8:34 UTC, AVAX’s price was up 4.8% over a 24-hour period. Over the past 30 days, the altcoin’s price has increased by 18%, per Coingecko.com data. This provides AVAX with a current market capitalization of USD 21.74bn.

AVAX 24h price chart. Source: coingecko.com

Avalanche has been making efforts to compete against more prominent blockchains by offering its users relatively high speeds and low transaction fees for various applications, including trading, lending, and gaming.

Ava Labs claims that “Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality” and that it has “the most validators securing its activity of any proof-of-stake protocol.” The blockchain’s founders stated that it offers a transactional finality of fewer than two seconds.