Team behind Avalanche lands substantial token sale

The team behind Avalanche, the scalable, open-source platform for launching decentralized finance (DeFi) applications, has announced that Galaxy Digital, Bitmain, Initialized Capital, NGC Ventures, Dragonfly Capital and a host of other individuals have participated in a $12M private sale of its tokens.

The sale’s closing follows the success of Avalanche’s Denali Testnet, which had over 1,000 full block-producing nodes actively staking and participating in the consensus protocol. 

John Wu, President of AVA Labs, commented: “We have purposefully and deliberately established our entire project, structure, and token distribution to deliver fair and open access to the Avalanche network. We’re excited to have private sale participants that are committed to supporting Avalanche, and building an internet of finance-driven by, and for, its community.”

Roger Lim, Founding Partner at NGC Ventures, added: “For decentralized finance to reach its potential, there must be significant improvements to both the volume and velocity of activity networks can process. Avalanche is achieving both through its innovative approach to consensus and deep understanding of how to build highly-performant networks.”

Haseeb Qureshi, Managing Partner at Dragonfly Capital concluded: “Avalanche is solving the biggest challenges in blockchain technology, and is poised to launch a resilient system that is fast, secure, and efficient.”