Solana Labs Announces $314 Million Fundraising Round

Solana Labs Announces $314 Million Fundraising Round

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Solana Labs announced on Wednesday that it has completed a $314.15 million private token sale, confirming reporting from earlier this week. The nine-figure sum is the fourth-largest fundraising round in crypto history outside of initial coin offerings (ICOs).  

The round was led by venture capitalist Andreessen Horowitz and Polychain Capital, with participation from Alameda Research, Blockchange Ventures, CMS Holdings, among others. In return for their investments they received Solana blockchain’s native token, SOL. Currently, SOL is trading at $43.35. 

Solana is a proof of stake blockchain claiming to deliver both scalability and speed, two critical components for mainstream adoption of decentralized products and applications (dApps). To date, Solana has facilitated more than 19 billion on-chain transitions.

“That’s the whole purpose of the space: it’s empowering everybody with cryptography so there’s no middleman anymore, it’s just a super connected network,” Founder and CEO of Solana, Anatoly Yakovenko, said.

The millions raised by Solana Labs will be used to create a venture investing arm, a trading desk dedicated to the Solana ecosystem, and support the development of new decentralized applications with the goal of drawing more people onto the blockchain and eventually reaching 1 billion users. 

In fact, they don’t even mind if leading multi-purpose blockchain Ethereum is the first to introduce retail audiences to crypto and blockchain technology. 

“We are so focused on trying to get the first one billion users that it doesn’t even matter if they first show up to Ethereum,” Yakovenko said.

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