- Peter Thiel’s investment fund is investing in a project that aims to launch its own cryptocurrency.
- The modular blockchain project Avail has raised $43 million in a Series A investment round.
- Anurag Arjun, the founder of Avail, confirmed that investors would receive stake and token opportunities in the future.
Avail secures $43M to further blockchain development and launch AVAIL token.
Avail Raises $43 Million in Series A Funding
Modular blockchain project Avail has successfully raised $43 million in Series A funding, signaling robust investor confidence in its innovative solutions. Founders Fund, co-founded by Peter Thiel, alongside Dragonfly and Cyber Fund, spearheaded the investment round. This significant financial backing comes after Avail’s previous $27 million seed investment earlier this year.
Major Investors Join the Round
More than ten prominent investors participated in this funding round. Apart from leading entities like Founders Fund, Dragonfly, and Cyber Fund, others included SevenX Ventures, Figment Capital, Nomad Capital, Chapter One, Foresight Ventures, Mirana Ventures, KR1, Alliance, and Hashkey Capital. Avail’s strategic vision and modular approach have attracted substantial interest from leading venture capitalists in the blockchain sector.
Preparing for AVAIL Token Launch
Avail is gearing up to launch its own cryptocurrency, the AVAIL token. As a modular blockchain focusing on rollup infrastructure, Avail was initially developed under the Polygon umbrella but began operating independently last year. Currently, the project’s Data Availability (DA) layer is in the testing phase, having processed over 115 million transactions. The mainnet, along with the AVAIL token, is expected to launch within the next few weeks.
Utilizing Funds for Expansion
The newly secured funds will be used to expand Avail’s team, which currently consists of around 50 members. Founder Anurag Arjun emphasized the importance of this expansion, indicating that an enlarged team would better support the project’s ambitious goals and forthcoming developments.
Conclusion
With substantial backing from notable investors and a clear plan for the future, Avail is well-positioned to make significant strides in the blockchain landscape. Investors are optimistic about the potential of the AVAIL token and the broader applications of Avail’s modular blockchain technology. As Avail continues to grow and develop, the blockchain community eagerly anticipates its upcoming mainnet launch and the innovative possibilities it promises.
