NEW YORK, Sept. 28, 2021 /PRNewswire/ — A fund managed by an affiliate of Republic, the multi-asset investment platform, announced today an investment in AVAX’s recent $230 million private token sale, alongside lead investors Polychain and Three Arrows Capital. The investment in Avalanche‘s token sale marks a major milestone for Republic Capital, the asset management arm of Republic 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, guided by the shared vision of building an alternative chain designed specifically for digitizing assets, one that would focus on speed and lower transaction costs. Over the course of two years, Republic Crypto has worked closely with the Ava Labs team making strategic introductions and advising on the tokenomics of the AVAX token, ultimately assisting with listing the token on public exchanges. The token is currently listed on over 70 exchanges and has increased from $2.79 per token to over $65 with a market cap over $13 billion.
Avalanche is considered one of the fastest smart contract platforms in the blockchain industry. Ava Labs, the team behind Avalanche, is focused on digitizing all the world’s assets. Proceeds from the private sale will be used to support the Avalanche ecosystem, which includes 300+ popular projects that already run on other blockchains such as Tether, SushiSwap, Chainlink, Circle and The Graph. Topps, an NFT-based game with partnerships with Major League Baseball and Bundesliga, is also using Avalanche.
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 earliest days and advise them on how to grow and scale,” said Andrew Durgee, head of Republic Crypto and member of the Crypto Fund’s investment committee. “Our work with Avalanche demonstrates the power of that strategy.” He mined his first bitcoin in 2010. Republic Capital and Republic Crypto are affiliates of Republic, the multi-asset investment platform backed by Binance and Galaxy Digital. Republic Capital, a SEC-registered investment adviser, is the adviser to the R/Crypto Fund I and is managed by Boris Revsin.
For additional information, please visit: www.republic.co/crypto
About Republic:
Republic is a multi-asset investment platform open to all investors. Republic has closed over $500 million in investments in 500+ companies across one million users in 100 countries. Republic is backed by both strategic capital partners and traditional venture capital firms including Galaxy Digital, Binance and Passport Capital. Founded in 2016, Republic is based in New York City and has 200+ employees. For additional information, visit republic.co or @joinrepublic on Twitter.
This notice should not be construed as an offering of securities or as investment advice or any recommendation as to an investment or other strategy by Republic Crypto LLC d/b/a Republic Advisory Services (“Republic Advisory Services” or “RAS”) or any of their affiliates. RAS is being compensated $16,000 USD, and 1,260,000 AVAX tokens (subject to vesting), for services provided in connection with this web page and other advisory and technical services, respectively. Neither RAS nor any of their affiliates has independently verified any of the information provided or makes any assurances as to the completeness, accuracy or reliability of any such information provided by Ava Labs, Inc. Neither RAS nor any of its affiliates makes any representations whatsoever regarding any third-party content/sites that may be accessible directly or indirectly from this content. Linking to any such third-party sites in no way implies or constitutes an 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. (together sometimes referred to as “Republic”). Republic and its affiliates do not provide tax, accounting or legal advice — all recipients are advised to consult with their own advisers.
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