Avalanche raised $42 million during its public sale in less than five hours

The Avalanche project, a blockchain protocol founded by, Emin Gün Sirer of, Cornell, has completed a public token sale of $42 million after previously raising $12 million in a private sale during the month of June.

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Avalanche’s developer Bitcoin Investor, AVA Labs, said the launch of the Avalanche network is expected to take place at the end of August.

The public sale offered 72 million AVAX tokens

The $42 million public sale took place on 15 July, taking only a few hours to complete. As of 10:00 a.m. ET, the token sale offered up to 72 million AVAX tokens. At 2:33 p.m. ET, just 4 hours and 33 minutes after its start, the sale was complete with all token pools completely filled, AVA Labs said.

Originally, the public sale was expected to last at least two weeks.

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The token sale involved participants from over 100 countries according to previously announced rules. According to the firm, the sale even involved the Genesis block of Ethereum, the first block of origin of a private network in the Ethereum blockchain.

An AVA Labs spokesperson said: „Initially, our community marked it as a sign that Avalanche is attracting support from early users and influencers in crypto space (for example, an anonymous Ethereum leader from its early days participated in the sale of Avalanche)“.

The public sale was reportedly launched in accordance with United States federal financial regulations.

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As previously reported, the Avalanche token, or AVAX, is the native utility token of the Avalanche platform and is not linked to any assets. By participating in the sale of tokens, investors reserve the right to contribute to the growth and development of the Avalanche network. Although not yet listed on any exchange, AVAX tokens are scheduled to be distributed at the launch of its main network in August.

The Avalanche Foundation’s private sale of tokens raised $12 million and involved major blockchain investors such as Chinese mining giant Bitmain and Mike Novogratz’s Galaxy Digital.

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Known as the „Internet of blockchain“, the Avalanche protocol is designed to provide an open source platform and a layer one protocol for launching decentralized financial applications and enterprise blockchain solutions.

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