Avalanche Foundation Raises $250 Million in Private Token Sale for Blockchain Platform

The Avalanche Foundation has raised $250 million in a private token sale for its blockchain platform, with lead investors including Galaxy Digital, Dragonfly, and ParaFi Capital. Over 40 other firms, including SkyBridge and Morgan Creek Digital, also invested. The foundation's treasury currently holds around $3 billion worth of its own AVAX token. The funds will be used to incentivize partners to build with the platform, and to launch Avalanche9000, an upgrade that will reduce costs for launching blockchains within its ecosystem.