The Avalanche foundation plans to raise $1 billion for a cryptocurrency fund.

The Financial Times reports, citing two unnamed sources, that the Avalanche Foundation plans to raise around $1 billion to establish two cryptocurrency investment vehicles in the United States. According to the two unnamed sources familiar with the discussions, the organization is in deep negotiations with investors to launch a digital asset custody company and transform another company into such investment vehicles. The plan is to complete the transactions in the coming weeks.