Avalanche plans to raise $1 billion to set up crypto assets reserve company

PANews reported on September 11 that according to Financial Times, Avalanche Foundation is negotiating with investors to set up two crypto asset reserve companies in the United States, with a target total financing of about $1 billion. The funds will be used to purchase millions of Avax tokens at discounted prices. The first one led by Hivemind Capital, plans to raise $500 million through private placement of Nasdaq listed companies, with Anthony Scaramucci participating in the consultant; the second one is SPAC initiated by Dragonfly Capital, with a target financing of $500 million, which is expected to be completed in October. The two companies will purchase low-priced Avax from the Avalanche Foundation.