Two years ago, my team at Republic Crypto began our journey with Avalanche. At the time, the company’s founder Emin Gün Sirer came to us with a concept: build an alternative chain designed specifically for digitizing assets, one that would focus on speed and lower transaction costs. We shared their vision and set out to help them build it into a reality.
Over the past two years, we have worked closely in the trenches with the Ava Labs team. We started with making strategic introductions, then advised them on the tokenomics of the AVAX token and ultimately assisted 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.
Today, Avalanche is one of the fastest smart contract platforms in the blockchain industry, with an incredible number of validators securing its decentralized activity as a proof-of-stake protocol. Ava Labs, the team behind Avalanche, is making good on its promise to digitize all the world’s assets. What began as an idea has become one of the most innovative and consequential projects in the crypto-blockchain industry.
Our model at Republic Crypto is to work with crypto companies from the earliest days and advise them on how to grow and scale. Our work with Avalanche demonstrates the power of that strategy.
This week, we announced that both Republic Capital and its R/Crypto Fund have invested in AVAX’s recent $230 million private token sale, alongside lead investors Polychain and Three Arrows Capital. Other participants in the private sale included Dragonfly, CMS Holdings, Collab+Currency and Lvna Capital. We are doubling down on Avalanche because we’re that optimistic about their plans for future growth.
The investment in Avalanche’s token sale marks the first major collaboration between Republic Capital, the asset management arm of Republic, and R/Crypto Fund I, a crypto-focused fund managed by Republic Capital. The Republic Capital management team expects to complete more investments like this one in the near future.
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. These are exciting projects in a dynamic industry that is growing exponentially every month. While we can look back with pride on the work already done, we will continue to support Avalanche and now their entire ecosystem to expand upon this foundation. Our work isn’t finished yet.
What’s even more interesting is that the proceeds from this recent sale will also be used to support other Ava Labs DeFi (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.
We are grateful for the privilege of collaborating with the Ava Labs team on this journey and look forward to building out these verticals with our friends and colleagues there.
Andrew Durgee is the head of Republic Crypto (Republic Crypto LLC). He mined his first bitcoin in 2010. Republic Capital (Republic Maximal LLC) 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.
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