TLDR:
Key Points:
- Avail, a blockchain technology start-up, secured $27 million in an early-stage funding round led by Founders Fund and Dragonfly Capital.
- The funds will be used for product development, team expansion, and marketing efforts.
Avail, a blockchain technology start-up, has successfully raised $27 million in an early-stage funding round. The funding round was led by Founders Fund, a venture capital firm founded by Peter Thiel, and Dragonfly Capital, a major investor in the cryptocurrency sector. Other venture capital entities such as SevenX, Figment, and Nomad Capital also provided support for the funding round.
The co-founder of Avail, Anurag Arjun, emphasized the importance of regulatory advancements for blockchain technology innovators, stating that the legitimacy of Bitcoin in institutional and regulatory circles can drive capital to the industry and benefit start-ups like Avail. The resurgence of interest in crypto has brought a renewed focus on blockchain technology, which is being adopted by traditional players such as Franklin Templeton, a significant financial services firm that launched a mutual fund on the blockchain platform last year.
Avail, which specializes in enabling clients to quickly establish their blockchain operations, was originally part of Polygon Labs in 2020 before becoming an independent entity. The funding will be allocated to various areas including product development, team expansion, and marketing efforts, with a focus on the potential impact of regulatory approvals for spot Bitcoin exchange-traded funds (ETFs) on the industry. Arjun also mentioned that such developments could enhance legitimacy and attract further investment into the blockchain and crypto sector.
With this funding round, the total capital deployed in crypto startups has surpassed $99 billion, with over 4,900 funding rounds according to data from DefiLlama. The industry’s growth and interest in blockchain technology continue to evolve, attracting investment and driving innovation in the sector.
