Share this article

Avail, a blockchain technology start-up, announced on Monday that it had successfully raised $27 million in an early-stage funding round, as reported by Reuters. The round was led by Founders Fund, the venture capital firm founded by billionaire Peter Thiel, and Dragonfly Capital, a notable investor in the cryptocurrency sector. Additional support came from venture capital entities including SevenX, Figment, Nomad Capital, among others.

“Bitcoin is a flag-bearer of the space. For it to gain some sort of legitimacy in institutional and regulatory circles, drives capital to the industry and benefits start-ups like us,” Avail co-founder Anurag Arjun remarked, highlighting the broader implications of regulatory advancements for blockchain technology innovators.

The resurgence of interest in crypto has spurred a renewed focus on blockchain technology, which serves as the infrastructure of this industry and is being implemented by traditional players. Notably, Franklin Templeton, a significant financial services firm, integrated blockchain into its operations by launching a mutual fund on this platform last year, aiming to streamline the settlement process and reduce costs.

Originating within Polygon Labs in 2020 and later becoming an independent entity, Avail specializes in enabling clients to swiftly establish their blockchain operations. The team includes former Polygon executives Anurag Arjun and Prabal Banerjee, though the company has not disclosed its valuation following this latest funding round.

The newly acquired funds will be allocated to various areas including product development, expansion of the team, and marketing efforts, as stated by Arjun to Reuters. He also emphasized the potential impact of regulatory approvals for spot Bitcoin exchange-traded funds (ETFs) on the industry, suggesting that such developments could enhance legitimacy and attract further investment into the blockchain and crypto.

With this early-stage funding round, the total amount of capital deployed in crypto startups surpasses $99 billion, with over 4,900 funding rounds, according to data from DefiLlama.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight – and oversight – of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.



Source