Avalanche launches $200M ‘Blizzard’ fund to accelerate network growth
In the latest addition to developer funds, Avalanche (AVAX) project announced the launch of a $200 million incubation fund to foster development in the AVAX ecosystem.
The Avalanche Foundation has launched Blizzard, a $200M+ fund dedicated to accelerating development, growth, and innovation across the #Avalanche ecosystem.
Check out the full details below
https://t.co/AR25D8E2lL
— Avalanche
(@avalancheavax) November 1, 2021
Launched on Monday, the ‘Blizzard’ investment fund has been funded by Ava Labs, Polychain Capital, Three Arrows Capital, Dragonfly Capital, CMS Holdings, and others. As per the announcement, the project will allocate funds to efforts that contribute to the growth of DeFi and the development of the Avalanche ecosystem.
Avalanche blockchain is a smart contract platform that features high-speed transactions and a higher degree of decentralization. Avalanche had previously announced in September that it had raised more than $230 million in token sales to investors.
“This will go to fostering the growth of the DeFi ecosystem, NFTs, collectibles, and also some new innovative systems that are coming out on top of this,” Avalanche director director Emin Gün Sirer had said at the time.
With the launch of the new fund, Avalanche has made similar claims and said that the fund would focus on DeFi, enterprise applications, NFTs, and culture applications, along with supporting projects via equity investments and token purchases.
Emin Gün Sirer said in the announcement:
“The last two months have shown incredible growth across Avalanche, with users, assets, and applications joining the community in record-highs. Blizzard will play a key role in further accelerating this growth, and solidifying Avalanche’s position as the premiere home for projects and people pioneering the next era in our space.”
The announcement also noted that Avalanche currently has over 320 projects building on its platform, including some popular names such as Tether, SushiSwap, Chainlink, Circle, and The Graph.
The network claims to have become one of the fastest-growing blockchain ecosystems since its launch in September 2020. It has over $8.2B in total value locked (TVL), a significant rise from its $312 million TVL in August.
The post Avalanche launches $200M ‘Blizzard’ fund to accelerate network growth appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
