Share this article
Ava Labs Set to Raise $350M at $5B Valuation: Report
The valuation would put the blockchain builder in the upper echelons of the crypto world by that measure.
Updated May 11, 2023, 4:05 p.m. Published Apr 14, 2022, 9:24 a.m.
Make us preferred on Google
Ava Labs, builder of the Avalanche blockchain, is raising a funding round that would give it a $5.25 billion valuation, according to a Bloomberg report Thursday.
- The Brooklyn, N.Y.-headquartered startup is raising $350 million, according to the report, which cited people familiar with the discussions.
- A $5.25 billion valuation would place Ava Labs in the upper echelons of most valuable crypto startups in the world, though it would be still some ways behind the likes of Ethereum scaler Polygon, which is worth $20 billion as of its recent funding round, and USDC stablecoin backer Circle, which was valued at $9 billion in February.
- Like several other blockchains, Avalanche is looking to draw projects and applications away from the Ethereum blockchain with the promise of high speeds and low transaction fees. Specifically, Avalanche offers "subnet" functionality, where application-specific blockchains can be spun up at scale.
- Ava Labs didn't immediately respond to a request for comment.
Read more: Avalanche-Based Blockbuster Game Shrapnel Completes $7M Token Sale
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Más para ti
Más para ti
Recapping Consensus Hong Kong
Crypto's role in payments for AI, regulatory changes and the digital asset market dominated conversations on the ground.
Lo que debes saber:
- Speakers at CoinDesk's Consensus Hong Kong conference said crypto and stablecoins are likely to become the default payment tools for autonomous AI agents in an emerging "machine economy."
- Market participants warned that bitcoin, which has already dropped nearly $30,000 in a month, may fall further, with $50,000 seen as the level to watch.
- Hong Kong regulators are pressing ahead with crypto rules even as others wait to see how U.S. legislation develops.
Top Stories
