AgriFORCE, an agricultural technology firm has rebranded to AVAX One to reflect its latest strategy to stockpile AVAX, the native token of the Avalanche network. The company confirmed the development on Monday via a press release.
According to the statement, the firm plans to raise up to $550 million in a bid to become a foundational partner of the layer 1 blockchain ecosystem. Meanwhile, Hivemind Capital led the fundraising effort with more than 50 institutional investors such as ParaFi, Galaxy Digital, Digital Currency Group, Kraken, Cypher Capital, Big Brain Holdings, FalconX, Republic Digital, Borderless Capital, Summer Capital, GSR Ventures, and many others also joining.
In total, AVAX One targets to hold more than $700 million worth of AVAX tokens making history as the first company listed on NASDAQ to hold the native crypto of Avalanche. To achieve this goal, the firm has made some key appointments. For instance, Anthony Scaramucci, the founder of SkyBridge Capital will lead the strategic advisory board of the company.
Similarly, Brett Tejpaul, the head of Coinbase Institutional will also join the AVAX One team. The project team further established that more appointments of industry leaders in the finance space are set to follow in recent weeks.
Side note
The rebranding and fundraising effort to stockpile AVAX underlines the growing establishment of cryptocurrency strategic reserves by institutional investors. Lately, publicly listed firms like Strategy, Marathon Digital, Metaplanet, GameStop, BitMine, and Sharplink have splashed huge funds on adding cryptocurrencies to their reserves.
More so, market data provided by Coinmarketcap established that Strategy is currently the largest institutional holder of Bitcoin with more than 639,835 BTC in their possession. On the flip side, BitMine tops the list of institutional investors of Ethereum, holding above 2,151,676 ETH.
However, in the statement, AVAX One described Avalanche as a high-speed institutional-grade blockchain that serves as a foundational digital settlement layer for the future of finance. The firm stated that the layer 1 blockchain is secured by $6.2 million in staked assets.
Joilie Kahn, the Chief Executive Officer of AVAX One said AVAX is the new foundation of the fast-changing financial markets. The CEO said that the firm aims to maximize the technology and delivering direct value to shareholders.
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