Mentioned:
One of the most important publicly traded companies in crypto is deepening their bet on Avalanche.
What’s happening:
- Galaxy Digital (TSX: GLXY) has led a new $250M USD financing round for Layer 1 blockchain Avalanche
Why it matters:
- The new funding round will go towards accelerating Avalanche’s upcoming mainnet network upgrade, which will dramatically reduce both deployment costs and transaction fees on the Avalanche blockchain
Going deeper:
- Avalanche is aiming to become one of the most dominant Layer 1 blockchains for decentralized applications to build on, specifically for tokenizing assets at scale
- The new token sale also saw participation from some of the world’s most notable venture capital funds focused on digital assets, including Dragonfly, ParaFi Capital, SkyBridge, Morgan Creek Digital and others
The intrigue:
- While Galaxy Digital has continued to meaningfully grow their business ventures in trading and investing in digital assets, they have also just recently raised hundreds of millions of dollars in fresh capital to expand their Texas based data centre Helios for more high performance computing capacity
