Leading Asia VCs Launch an Independent $20M Fund AVATAR for Developing the Avalanche Ecosystem
A&T Capital, Blockdream, Blockwater, IOSG, Kernel Ventures, SNZ, SevenX Ventures, Tripara, & NGC Ventures launch an independent fund to grow Avalanche’s presence in DeFi, NFTs, infrastructure, and tooling.
Today, the Avalanche Asia Star Fund (AVATAR), an independent venture fund formed by leading Asia VCs, is live with $20M in dedicated funding for developing Avalanche’s ecosystem in Asia. AVATAR intends to invest in DeFi, NFT, industry infrastructure, and ecosystem development projects.
The fund’s first batch of strategic joint investment funds includes Asia’s leading crypto funds A&T Capital, Blockdream, Blockwater, IOSG, Kernel Ventures, SNZ, SevenX Ventures, Tripara, & NGC Ventures.
AVATAR is comprised of an experienced team of leaders from Goldman Sachs, JPMorgan Chase, Tsinghua University, Peking University, and Carnegie Mellon.
The industry’s top investment funds will also connect with AVATAR to form an ecosystem, joint strategic investment member.
“The focus of public chain development lies in ecosystem building. The most important aspect of ecosystem building comes from two points: 1) community expansion; 2) technology development ecosystem. Application development and user construction complement each other. This fund will introduce more high-quality projects to the Avalanche ecosystem.” — Wilson Wu, Head of Asia at Ava Labs
As of April 2021, Avalanche has been online for more than 7 months, and Avalanche has more than 50 live projects and is in the process of integrating over 100 more. Since the beginning of March, users have executed more than 2,000,000 smart contract transactions and created 95,000 unique addresses on Avalanche’s smart contract chain. The system continues to achieve many ‘firsts’ in the field of decentralized blockchains and is leading the way in bringing new asset classes into DeFi.
AVATAR is actively looking for new projects to invest in now and encourages founders to reach out and share their ideas. Please reach out to China@avalabs.org.
About Avalanche
Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Developers who build on Avalanche can easily create powerful, reliable, and secure applications and custom blockchain networks with complex rulesets or build on existing private or public subnets.
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