A valuation of $5.25 billion would rank Ava Labs in the top echelon of the most valuable cryptocurrency firms in the world, according to Forbes.
According to a story published on Thursday by Bloomberg, Ava Labs, the developer of the Avalanche blockchain, is in the process of obtaining a fresh fundraising round that would give the company a $5.25 billion valuation.
It is said that the business with its headquarters in Brooklyn, New York is seeking $350 million in funding, according to sources familiar with the conversations.
If Ava Labs were valued at $5.25 billion, it would be among the most valuable crypto startups in the world, though it would be a long way behind the likes of Ethereum scaler Polygon, which is worth $20 billion following its recent funding round, and USDC stablecoin backer Circle, which was valued at $9 billion earlier this year.
Avalanche, like several other blockchains, is attempting to entice projects and apps away from Ethereum by promising fast transaction rates and minimal transaction costs, among other things. Avalanche, in particular, has “subnet” capability, which allows for the rapid creation of application-specific blockchains at a large scale.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.