Galaxy Digital and Bitmain top private ava Labs token for $12 million

25.06.2020

ForkLog

Founded by a Veteranbitcoin industry Emin Gyun Sirer company AvaLabs raised $ 12 million as part of a private token sale on the eve of the launch of its core Avalanche protocol network for the summer. The round of financing was led by Bitmain and Galaxy Digital.

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Initialized Capital, NGC Ventures, Dragonfly Capital, and several private venture investors also participated in the token sale organized by The Avalanche Foundation.

The closed token sale took place after the successful launch of the Denali testnet, which opened to its participants the opportunity to earn a total of 2 million AVA tokens - up to 2000 tokens per user.

It will be followed by a public token sale, inwhich can only be attended by accredited investors. The sale of tokens will be organized in accordance with rule 506 (c) of provision “D” of the Securities Act as an exempted offer and in accordance with the “safe harbor” provision under provision “S” of the same law. Tokensale with mandatory registration and the passage of the KYC procedure will last two weeks starting from July 8

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Investors will receive the right to own a certain number of Avalanche (AVAX) tokens of the AVA project, which will bereleased at the same time as the launch of the main network.half of the fixed emission of 720 million tokens will be realized.

The project's national token will be used to protect the AVA network through steaking, serve as a base unit of calculations between AVA subnets, and is used to pay network fees.

AVA Labs founded by Professor CornellUniversity and one of the creators of the Bitcoin NG protocol Emin Gyun Sirer. Last year, the company raised $ 6 million in a Series A round of financing. Investors were Andreessen Horowitz, Initialized Capital and Polychain Capital, as well as individuals, including former 21 Inc CEO Balaji Srinivasan and AngelList CEO Naval Ravinkat.

Earlier in an exclusive interview with ForkLog, Emin Gunn Sirer told about dishonesty of Bitcoin Core developers and mining problems in PoW systems.