The Avalanche blockchain developing firm, Ava Labs is reportedly all set to raise $350 million and reach the $5.25 billion valuation.
As per reports, Ava Labs is raising funds so as to position itself as one of the world’s most valuable crypto startups.
The firm is intending to use the funds to improve Avalanche’s subnet functionality to provide high speeds and low transaction fees for dApps to scale.
Strikingly, Ava Labs would become one of the world’s most highly valued crypto startups in case it reaches $5.25 billion valuation. Thus, joining the other crypto giants like Polygon that hit the $20B valuation mark and the other start-up being Circle that hit the $9B valuation.
Recently, huge organizations like Grayscale showed their belief in Avalanche as it included Avalanche and Polkadot to its Digital Large Cap Fund.
With the raising of this huge sum of funds, the ecosystem’s native AVAX token could soon benefit from this and resume its upswing.
It seems AVAX has been seeing a bullish trend. Prices have rebounded and could reach nearly $100. However, a sustained daily close above this resistance level could increase the price to $150.