Avalanche Raises $12M Funds in Private AVAX Token Sale
The Avalanche team declared on June 24th that several entities, such as Galaxy Digital, Bitmain, Initialized Capital, NGC Ventures, Dragonfly Capital and IOSG Ventures were included in a private offering of tokens worth $12 million. Numerous individual investors also took part in the sale.
The completion of the sale was a result of Avalanche’s Denali Testnet being successful, with more than 1,000 nodes taking part in the consensus protocol and staking their coins.
“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.”– John Wu, President of AVA Labs
“For decentralized finance to reach its potential, there must be significant improvements to both the volume and velocity of activity that networks can process. Avalanche is achieving both through its innovative approach to consensus and deep understanding of how to build highly-performant networks.”– 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.”– Haseeb Qureshi, Managing Partner at Dragonfly Capital
The Avalanche Foundation Limited, and its related entities, will be offering a public sale in compliance with Regulation D Rule 506(c) of the 1933 Securities Act, as well as Reg S’s safe harbor provisions. Investors must meet the standards of an “accredited investor” according to Rule 501 of Reg D or not be categorized as a “U.S. Person” under Regulation S of the Securities Act and satisfy additional suitability requirements.