The builder of the Avalanche blockchain, Ava Labs is set to raise a new funding round that would place the valuation at $5.25 billion, according to a Bloomberg report on Thursday.
The New York-headquartered startup is raising $350 million, according to the the report which cites people familiar with the discussions.
At this valuation Ava Labs enters the upper ranks of most valuable crypto startups in the world. Polygon, the Ethereum scaler is still way ahead with a valuation of $20 billion as of its recent funding round. Circle, the stablecoin backer of USDC is valued at $9 billion as of February.