Ava Labs Inc., the developer behind Avalanche platform is in the midst of raising a new funding round that could result in the blockchain company becoming one of the highest valued crypto startups in the world. Ava Labs Raises $350M, At $5B Valuation According to a report from Bloomberg, Ava Labs is raising $350 million in funding at a $5.25 billion valuation. While the funding round isn’t yet announced, people familiar with the matter told the publication on the condition of anonymity. Ava Labs, the lead developer of the Avalanche blockchain, is raising new funds that could make it one of world’s the most highly valued crypto startups. https://t.co/4wCGKfWuMA — Bloomberg (@business) April 14, 2022 Founded in 2018, Ava Labs also raised a $6 million round in 2019, from high-profile investors which included Andreessen Horowitz and Polychain, and has since become one of the largest blockchains. Can Avalanche Take Over Ethereum? Often touted as an Ethereum-killer, Avalanche promises to combine scaling capabilities and quick confirmation times through its Avalanche Consensus Protocol. It can process 4,500 TPS (transactions per second). In contrast, Ethereum can only process upto 14 TPS. The smart contract platform’s native AVAX token recorded a whopping 2,800% return last year and is currently the 10th-largest cryptocurrency with a market cap of $21 billion at the time of writing. The platform has over $10.7 billion in total value ...
