Crypto Fund advised by Republic Capital is investing in AVAX’s private token sale worth $ 230 million
NEW YORK, September 28, 2021 / PRNewswire / – A fund managed by a subsidiary of Republic, the multi-asset investment platform, today announced an investment in AVAX’s latest $ 230 million private token sale, together with the main investors Polychain and Three Arrows Capital. Avalanche’s investment in the token sale is a major milestone for Republic Capital, Republic’s wealth management arm and its R / Crypto Fund I.
Republic’s crypto advisory and development team (Republic Crypto) began their journey with Ava Labs through Avalanche founder Emin Gün Sirer, led by a shared vision of building an alternative chain specifically designed and built for the digitization of assets Focused on speed and lower transaction costs. Over the course of two years, Republic Crypto has worked closely with the Ava Labs team to provide strategic introductions and advice on the tokenomics of the AVAX token, and ultimately assisted with the listing of the token on public exchanges. The token is currently listed on over 70 exchanges and has moved from $ 2.79 per token to over $ 65 with a market capitalization over $ 13 billion.
Avalanche is considered to be one of the fastest smart contract platforms in the blockchain industry. Ava Labs, the team behind Avalanche, focuses on digitizing all assets in the world. The proceeds from the private sale will be used to support the Avalanche ecosystem, which includes over 300 popular projects already running on other blockchains such as Tether, SushiSwap, Chainlink, Circle and The Graph. Topps, an NFT-based game partnered with Major League Baseball and Bundesliga, also uses Avalanche.
The proceeds from this sale will also be used to support other Ava Labs Decentralized Finance projects and enterprise applications through grants, token purchases, and other forms of investments. These are all opportunities for expansion that could double or triple the potential applicability of the protocol.
“Our model at Republic Crypto is to work with crypto companies from the start and advise them on how to grow and scale,” said Andrew Durgee, Head of Republic Crypto and member of the investment committee of the Crypto Fund. “Our work with Avalanche shows the strength of this strategy.” In 2010 he mined his first bitcoin. Republic Capital and Republic Crypto are subsidiaries of Republic, the multi-asset investment platform backed by Binance and Galaxy Digital. Republic Capital, an SEC registered investment advisor, is the adviser to R / Crypto Fund I and is managed by Boris Revsin.
Further information can be found at: www.republic.co/crypto
Republic is a multi-asset investment platform open to all investors. Republic has closed $ 500 million in investments in over 500 companies with one million users in 100 countries. Republic is backed by strategic capital partners as well as traditional venture capital firms such as Galaxy Digital, Binance and Passport Capital. Republic was founded in 2016 and is based in New York City and has over 200 employees. For more information, visit republic.co or @joinrepublic on Twitter.
This announcement should not be construed as an offer of securities or as investment advice or recommendation regarding any investment or other strategy of Republic Crypto LLC d / b / a Republic Advisory Services (“Republic Advisory Services” or “RAS”) or any other of its Subsidiaries. RAS will be compensated $ 16,000, and 1,260,000 AVAX tokens (subject to non-forfeitability) for services provided in connection with this website or other advisory and technical services. Neither RAS nor any of its affiliates have independently verified or make any representations as to the completeness, accuracy, or reliability of the information provided by Ava Labs, Inc. Neither RAS nor its affiliates make any representations regarding any third party content / sites that can be accessed directly or indirectly through such content. Linking to such third party websites does not imply or in any way represent endorsement or affiliation of any kind between RAS (or any of its affiliates) and any third party. RAS is a subsidiary within a family of companies owned by OpenDeal Inc. (collectively sometimes referred to as ” Republic ”). Republic and its affiliates do not provide tax, accounting, or legal advice – all recipients are encouraged to consult their own advisers.
JMG public relations