Avalanche to run the $200 M development fund

Avalanche Foundation introduces the run of a development fund worth $200 million to speed the Avalanche blockchain’s growth and development up. Furthermore, the non-commercial company is going to welcome innovations and updates.

The fund named Blizzard has already attracted investments from Ava Labs, CMS Holdings, Polychain Capital, and other corporations.

The initiative is based upon the four core destinations: Decentralized Finance, non-fungible tokens, corporate applications, and culture. As such, the fund is about to cover all the fast-growing trends taking place in the crypto community.

Blizzard representatives see it possible to expand the initiatives to other ways of ecosystem development – for instance, the issue of security tokens, partnership with liquidity providers, and digital identification.

Avalanche Foundation CEO, Emin Gun Sirer, comments on the big news: “Within the last two months the Avalanche community has achieved new heights. We got a new record according to the number of users, resources, and apps. Blizzard is the basis of the project’s further development.”

Since the beginning of the year, the AVAX (Avalanche project’s coin) price has skyrocketed by 1765%. As for the last three months, the price jumped by 509%, reaching its new all-time high on September 23 ($79.52). Today’s price lets the asset stay in the top-15 crypto ranking, according to Coinmarketcap.