(Bloomberg) -- The foundation behind the Avalanche blockchain said it received a $230 million investment from a group led by Polychain and Three Arrows Capital, through the private sale of its surging AVAX cryptocurrency. 

R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital and a group of angel investors and family offices also participated in the investment, according to a statement. The Avalanche Foundation will use proceeds from the token sale -- which was completed in June -- to support and accelerate the rapid growth of decentralized finance or DeFi, enterprise applications, and other use cases on the Avalanche public blockchain. 

“We have been relying on the technology having great organic growth, and now it’s time to supercharge that growth,” said John Wu. “All the pieces are there.” 

Avalanche’s native token, AVAX, has outperformed all other top 20 cryptocurrencies in the past week with a 65% gain, and is currently the 14th-biggest with a market value of about $13.3 billion, according to CoinGecko.com pricing. Avalanche launched in September 2020 and counts more than 225 projects building on the platform, including DeFi projects like Tether, SushiSwap, Chainlink, Circle, and The Graph.

“Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers,” said Emin Gün Sirer, director at the Avalanche Foundation. “The community of builders rallying around the network is a testament to its competitive edge, and there is still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.”

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