Avalanche Establishes AVATAR, an Asian Industry Fund, with an initial $20 million to invest in DeFi, NFT and more

Avalanche Asia Star Fund (AVATAR), meaning “Start with Avalanche, Become a Star”, was officially established under the Avalanche agreement. The first $20 million will be used to build the Avalanche ecosystem, DeFi, NFT, and industry infrastructure projects.

Avalanche Establishes AVATAR, an Asian Industry Fund, with an initial  million to invest in DeFi, NFT and more

Singapore, May 13, 2021 – Avalanche Asia Star Fund (AVATAR), an industry fund officially established under the Avalanche agreement, means: “Start with Avalanche, Become a Star”, which is the brand name of AVATAR. The first $20 million will be used to build the Avalanche ecosystem, DeFi, NFT, and industry infrastructure projects.

AVATAR is a series of industry funds independently managed by the Asian team, focusing on supporting ecological projects in Asia, while radiating globally. The fund will be based on ecological investment, incubation and promotion of industry development, and will invest in the following four areas: 50% for supporting the construction of projects on Avalanche ecology; 10% for NFT and gaming projects; 20% for infrastructure and tools projects; and 20% for DeFi on Ether. the first series of funds will be established separately: 1) AVATAR Incubation Fund ( AVATAR Incubation Fund) and 2) AVATAR Growth Fund.

Avalanche will be established as a single LP for the AVATAR Incubation Fund, with the Asian incubation team as a single GP.

The AVATAR Growth Fund will invite external LPs to participate along with it and offers a rich incentive support.

AVATAR Fund Partner Wilson will lead an elite team with backgrounds from Goldman Sachs, JP Morgan Chase, Tsinghua, Peking University, Carnegie Mellon and others. Top industry investment funds will link up with AVATAR to form an ecological joint strategic investment member. The fund’s first strategic co-investment funds include blockchain head funds A&T Capital, Blockdream, Blockwater, Kernel Ventures, SNZ,SevenXVentures, Tripara, NGC Ventures and others.

Wilson said, “The focus of public chain development is ecological construction, and the most important ecological construction comes from two points: 1) community ecology; 2) technology development ecology, the development of applications and the construction of users complement each other. team’s academic advantages and strong technology to provide funding and resource support for early stage quality projects.”

As of April 2021, the Avalanche Avalanche Protocol has been live for over 7 months and Avalanche has over 50 ongoing projects and is integrating over 100 projects. Since the beginning of March, users have executed 1,500,000 smart contract transactions and created 60,000 unique addresses on Avalanche’s smart contract chain. The system continues to achieve many “firsts” in the decentralized blockchain space and is leading the way in bringing new asset classes to DeFi. Notably, the system has continued to achieve a number of firsts in the decentralized blockchain space.

AVATAR is currently actively seeking new investments and encourages founders to reach out and share their ideas.

About Avalanche Protocol

Avalanche is an open source platform for launching decentralized financial applications and enterprise blockchain deployments in an interoperable, highly scalable ecosystem. Developers can easily create powerful, reliable and secure love-defined blockchain networks or build on existing private or public subnets.

About Ava Labs

Ava Labs makes it easy to launch financial applications using blockchain technology – with a highly scalable and efficient network, customizable public and private blockchains, the ability to create any digital asset and more. We are empowering people to build the open, simple and democratic financial internet.

Ava Labs was founded by computer scientists from Cornell University and brought in Wall Street talent to execute their vision. The company has received funding from major investors such as Andreessen Horowitz, Initialized Capital, Galaxy Digital, Bitmain and Polychain Capital, with Balaji Srinivasan and Naval Ravikant making made angel investments.

http://www.avalabs.org

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Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/avalanche-establishes-avatar-an-asian-industry-fund-with-an-initial-20-million-to-invest-in-defi-nft-and-more/
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