Investors include Animoca Brands, Gate.io Ventures, CoinGecko Ventures, Polygon founder Sandeep Nailwal, Ash Crypto, CryptoLark, and several others.

According to a statement from the Lava Foundation, the investment was made in exchange for future tokens for the investors.

Lava Foundation CEO Amir Aaronson said, “Lava Foundation is the only entity that can sell tokens and make decisions about the roadmap of this network until a DAO is established on the mainnet.”

Currently in its testnet phase, Lava’s mainnet is expected to launch in the first half of this year. The LAVA token, which has a total supply of 1 billion, is also planned to go live during the same period.

Lava is currently distributing points to its users under the Magma program. While some of the LAVA will be distributed through an airdrop, it is not yet known whether these points can be converted to LAVA.

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