Avalanche Closes $230 Million Token Financing

TokenInsight news that Avalanche Foundation closed a $230 million funding round led by Polychain and Three Arrows Capital, with participation from R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital and others. The funding round is reportedly a private sale of $AVAX tokens completed by the Avalanche Foundation in June of this year. The funds will be used to support DeFi applications, enterprise applications and other projects on the Avalanche ecosystem to drive rapid growth of ecological projects, supported in a variety of ways including grants, token purchases, investments and technical support.