A $5.25 billion valuation would place Ava Labs in the upper echelons of most valuable crypto startups in the world.
Ava Labs, builder of the Avalanche blockchain, is in the process of raising a new funding round that would give it a $5.25 billion valuation, according to a Bloomberg report Thursday.
The Brooklyn, New York-headquartered startup is raising $350 million, according to the report citing people familiar with the discussions.
A $5.25 billion valuation would place Ava Labs in the upper echelons of most valuable crypto startups in the world, though still some way behind the likes of Ethereum scaler Polygon which is worth $20 billion as of its recent funding round or USDC stablecoin backer Circle, valued at $9 billion in February.
Like several other blockchains, Avalanche is looking to draw projects and applications away from Ethereum with the promise of high speeds and low transaction fees. Specifically, Avalanche offers “subnet” functionality, where application-specific blockchains can be spun up at scale.