Ava Labs reportedly raises $12m in a token sale

Ava Labs, an open-source platform for launching decentralised applications, has reportedly raised $12m in a private token sale, which was backed by several venture capital firms.

Galaxy Digital, Bitmain, Initialized Capital, NGC Ventures and Dragonfly Capital all contributed to the digital asset sale, according to a report from Yahoo News. Several other unnamed backers also contributed to the round.

The capital raised was for Ava Labs’ Avalanche platform, a platform enabling developers to create powerful, reliable and secure applications and custom blockchain networks.

This sale comes shortly after Avalanche released its Denali Testnet. This is a system comprised of over 1,000 full block producing nodes actively staking and participating in the consensus protocol, the article claims.

Earlier in the week, Telegram was forced to pay $1.2bn back to its investors of its cryptocurrency project and settle a $18.5m fine from the US SEC.

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