Blockchain developer Ava Labs valued at $5.25B with latest funding round

New York-based Ava Labs, the main developer of the Avalanche (AVAX-USD) blockchain, is set to raise $350M in a new financing round, valuing the company at a $5.25B valuation, people familiar with the matter told Bloomberg Wednesday. This funding would make Ava Labs one of the highest valued startups in the digital asset space, Bloomberg highlighted. Started in Sept. 2018, Avalanche (AVAX-USD) directly competes with Proof-of-Stake-based blockchain cryptocurrencies like Ethereum (ETH-USD) and Solana (SOL-USD), as it offers high speeds and low transaction fees for a variety of decentralized applications. Avalanche (AVAX-USD) has a market cap of $20.71B, making it the 10th largest digital token followed by Dogecoin (DOGE-USD). Meanwhile, AVAX is sliding 3.2% to $77.20 per coin in midday trading Thursday. In mid-Nov. 2021, Tyler and Cameron Winklevoss' Gemini sought to raise $400M funding at a $7B valuation.