- Aval Labs has reportedly raised $350 million in a round of funding at a $5.25 billion valuation
- The funding round has not been officially reported
- Avalanche is hot on the heels of the prominent blockchains of Ethereum and Solana
- AVAX has already captured the attention of the Luna Foundation that has added it to its UST reserves
The leading developer of Avalanche (AVAX), Ava Labs Inc., is reportedly raising $350 million in a funding round at a $5.25 billion valuation. Such a valuation would make it one of the highest valued crypto companies and more valuable than Binance.US at a $4.5 billion valuation.
According to Bloomberg, news of Ava Labs raising $350 million has not been made public. However, Bloomberg cited sources familiar with the matter.
Avalanche is Hot on the Heels of Ethereum and Solana
The digital asset of Avalanche recently made headlines after the Luna Foundation added $100 million worth of AVAX to its UST reserves. Terra’s founder, Do Kwon, explained that the addition of Avalanche to the project’s UST reserves seemed logical as the platform was growing at a rapid rate in terms of development and fan base.
The Luna Foundation opting for Avalanche rather than the industry heavyweight of Ethereum or Solana is proof that the project and digital asset are hot on the heels of both blockchain networks.
Avalanche (AVAX) Ranked 10th on Coinmarketcap.com
At the time of writing, the digital asset of Avalanche is ranked tenth on Coinmarketcap with a market capitalization of $20.748 Billion. Avalanche’s market cap has exceeded that of Dogecoin ($18.89 billion), Polkadot ($17.531 billion), Shiba Inu ($14.218 Billion), and Polygon ($10.715 Billion).
In terms of price action, AVAX is trading at $77, which is almost half its all-time high value of $146 set on November 21st, 2021.
Avalanche Ranked 4th in Terms of Total Value Locked
Concerning total value locked, Avalanche is ranked 4th at $10.43 billion. Ethereum comes in first at $116.29 billion; Terra second at $26.14 billion; and the Binance Smart Chain third at $12.97 billion.