Anthony Scaramucci-Supported Avalanche Network Reportedly Raising $1 Billion For AVAX-Focused Crypto Treasury
The Avalanche (CRYPTO: AVAX) Foundation, a non-profit organization dedicated to advancing the namesake blockchain, plans to establish two cryptocurrency treasury companies in the U.S., according to a report published Wednesday.
An AVAX Treasury Worth A Billion?
The Foundation is in the final stages of discussions with investors to launch a digital asset treasury company and transform another into a similar entity, reported the Financial Times, citing people familiar with the matter. The objective is to raise approximately $1 billion in total and finalize the deals in the upcoming weeks.
The funds generated will be utilized to buy millions of AVAX, the $12-billion cryptocurrency tied to the Layer-1 Avalanche network. The Avalanche Foundation will offer AVAX at a discounted rate, the report said.
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