The Avalanche ecosystem will receive an additional liquidity channel with the launch of Blizzard’s venture fund and incubator focused on AVAX projects.
Avalanche Foundation, Ava Labs, Polychain Capital, Three Arrows Capital, Dragonfly Capital and CMS Holdings in the first round of funding
invest at Blizzard about $ 200 million. The new fund will be launched immediately following large-budget investment programs, which include a $ 230 million liquidity fund and a $ 180 million Avalanche Rush liquidity stimulus fund.
Ava Labs president and future Blizzard chairman John Wu said the new fund will invest in projects in the Avalanche ecosystem, including DeFi and NFT, which are in the early stages of product development. Six Ava Labs experts will move to Blizzard to provide business development and technical support for young teams. The fund is supposed to be closer in spirit to an incubator like Y Combinator, rather than an investment company. Mentors will help teams build community, marketing, audit and security vendor base.
John Woo said that the launch of the fund will make the Avalanche Foundation and Ava Labs the owners of product management tokens in the Avalanche ecosystem, but Blizzard will distribute a portion of these tokens to the founders of the fund.
“We want decentralization, like all projects. The uniqueness of this fund is that the tokens that are distributed at Blizzard will be transferred to Polychains, Three Arrows, Dragonflies and the rest of the founders of the fund. ”
A lot of companies from the crypto industry are creating funds to support young teams. In October, Tribe Capital launched a $ 75 million cryptocurrency fund to support early product development projects. Two months ago, South Korean investment company Hashed, conceived as an incubator in September, announced that it was launching a second fund with $ 170 million in funding.
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