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Avalanche is an open-source platform for launching highly decentralized applications, new financial primitives, and new interoperable blockchains.

Avalanche Blockchain project raised $ 42 million in sales of public tokens

The Avalanche Blockchain project, spearheaded by computer science professor Cornell Emin Gün Sirer, raised $ 42 million in public token sales last week.

The amount was collected in less than 4.5 hours on July 15, AVA Labs announced on Wednesday. There are 72 million Avalanche tokens (AVAX) available for sale, and investors from 100 countries reach all of them. Some funds also come from Genesis Ethereum addresses.

"It's clear that the market really wants a project of this caliber," said John Wu, president of Ava Labs. "The success and speed of the Avalanche sale is a testament to the quality of our project and its impact on institutional finance and decentralization."

The funds have been collected by the Avalanche Foundation and its affiliates. AVAX tokens will be distributed to investors when the Avalanche mainnet is launched, which is expected to air at the end of August.

The token is not currently listed on any crypto exchange, but will be available for trading in the future, AVA Labs said.

The sale of public tokens brought the total amount of AVA funds to date to $ 60 million. Last month, the project raised $ 12 million in private token sales and previously raised $ 6 million from leading venture companies, including Andreessen Horowitz (a16z).

The AVA network claims to outperform Ethereum 2.0 when it is launched. Sirer recently told The Block that the network will be able to achieve not only a higher throughput (the number of transactions a network can process per second) but also lower latency (the time needed for a node to agree that a transaction is valid).


Ticker : AVAX
ICO Token Price : 1 AVAX = 0.50 USD
Fundraising Goal : $9,450,000
Total Tokens : 720,000,000
Available for Token Sale: 4.72%

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