The Avalanche Foundation has announced the latest $230 million funding round led by Polychain and Three Arrows Capital. According to an announcement, the foundation also raised capital from R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital and a group of angel investors and family offices.
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The Avalanche Foundation says it plans to use the raised money to accelerate the growth of decentralized finance (DeFi). The foundation also wants to extend use cases on the Avalanche public blockchain.
"The community of builders rallying around the network is a testament to its competitive edge, and there is still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche," said Emin Gün Sirer, Director at the Avalanche Foundation.
Launched in September last year, Avalanche is now home for over 270 projects, including DeFi projects like Tether, SushiSwap, Chainlink, Circle, and The Graph. The investment round comes after Wanchain and Avalanche have partnered to integrate Wanchain’s cross-chain infrastructure with Avalanche’s C-chain.
As part of the cooperation, Wanchain's cross-chain bridges and Avalanche's ecosystem of projects and applications will be linked together so that Avalanche will use Wanchain’s cross-chain blockchain infrastructure to create new value.
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