Ava Labs to raise $350M at $5B valuation
According to the report citing people familiar with the discussions, Ava Labs, builder of the Avalanche blockchain, is seeking to raise $350 million in funding that would give it a $5.25 billion valuation.
The $5.25 billion valuation would place Ava Labs in the unicorn club and make it a more valuable crypto firm than Binance's US subsidiary, which raised $200 million earlier this month on a $4.5 billion deal. However, the company will still be slightly behind the likes of Polygon, which is worth $20 billion at the time of its recent funding round, or USDC stablecoin issuer Circle, which was valued at $9 billion in February.
Like several other blockchains, Avalanche is looking to draw projects and applications away from Ethereum with the promise of high speeds and low transaction fees.
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