Avalanche reportedly received a $ 230 million investment from a group led by Polychain and Three Arrows Capital. It was through the private sale of its fast-growing cryptocurrency, AVAX.

The AVAX token, as a result, gained 21%.

The funding round was also attended by R / Crypto Fund, Dragonfly, CMS Holdings, Collab + Currency, Lvna Capital, and a group of angel investors. Avalanche will use the proceeds to support and accelerate the rapid growth of decentralized finance (DeFi), enterprise applications and other use cases on top of the Avalanche blockchain.

Consequently, AVAX surpassed all other top 20 cryptocurrencies, having gained 65%. It is currently ranked 14th and has a market value of around $ 13.3 billion.

Avalanche was launched in September 2020 and has over 225 projects built on the platform. These include DeFi projects such as Tether, SushiSwap, Chainlink, Circle and The Graph.

"Despite being years younger than its peers, Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers. The community of builders rallying around the network is a testament to its competitive edge, and there is still so much potential yet to be tapped, "said Emin Gun Sirer, director of the Avalanche Foundation.

Meanwhile, the price of the largest cryptocurrency, Bitcoin, declined by 0.85% on Thursday.