Open-source decentralised finance (DeFi) platform Avalanche has announced it has raised $12 million in a private token sale.
Avalanche is an AVA Labs project led by Emin Gün Sirer, who was interviewed by Coin Rivet at Paris Blockchain Week in 2019.
Investors in the project including Galaxy Digital, Bitmain, Initialized Capital, NGC Ventures, Dragonfly Capital and many more.
The token sale follows the launch of Avalanche’s Denali Testnet, which had more than 1,000 full block producing nodes actively staking and participating in the consensus protocol.
“We have purposefully and deliberately established our entire project, structure, and token distribution to deliver fair and open access to the Avalanche network,” says John Wu, President of AVA Labs. “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.”
A lot's changed since we were all introduced to the Team Rocket whitepaper, but our commitment to Avalanche has never wavered. Today, we're clarifying the project's brand and unveiling our ticker as we prepare to bring it to the masses. Read more: https://t.co/HGy1Tia10C
— Avalanche (@avalancheavax) June 24, 2020
“For decentralised 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,” says Roger Lim, Founding Partner at NGC Ventures
“Avalanche is solving the biggest challenges in blockchain technology, and is poised to launch a resilient system that is fast, secure, and efficient,” says Haseeb Qureshi, Managing Partner at Dragonfly Capital.
From a regulatory standpoint, Avalanche Foundation Limited, which is behind the Avalanche network, will soon be conducting a public sale pursuant to Reg. D Rule 506(c) of the Securities Act of 1933 as an exempt offering and pursuant to the safe harbor under Regulation S of the Securities Act.
Accredited investors will be required to verify their accredited status in compliance with Rule 506(c). For non-US Persons, participation may be limited to qualified investors or similar designation, as defined by such investors’ country or region.
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