Avalanche (AVAX) Hits a New All-Time High After $230M Avalanche Investment

The fastest smart contracts platform in the blockchain industry, Avalanche (AVAX) surged to a new all-time high of over $68.34.

The jump comes amid Avalanche's massive venture capital cash injection. On Sept. 16, Avalanche announced that Polychain and Three Arrows Capital are leading a $230M investment in its public blockchain ecosystem.

In addition to these 2 venture capital giants, R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital, and several industry angel investors also contributed to the funding round.

According to Avalanche Foundation, they will use the found from the private sale of tokens completed in June 2021, to support and expand DeFi, enterprise applications, and other features on the Avalanche public blockchain.

Following the investment, Avalanche saw the price of its AVAX token hit a new all-time high of $68.34 on Sept 17, 2021. However, AVAX quickly went down to trading at $63.90 at press time. As a result, AVAX is down almost 4% from its ATH.

Not to mention that AVAX is currently up 60% over the last week and 177% over the past month, making it one of the best-performing digital assets in the crypto market at the moment.

On August 27, AAX, the Singapore-based leading crypto exchange, planned to launch its own NFT marketplace.

Avalanche (AVAX) Hits a New All-Time High After $230M Avalanche Investment
Avalanche (AVAX) | Image: Optimisus