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Crypto startup Solana raises $314m in the token sale

Thursday, June 10, 2021

Laxman Pai, Opalesque Asia:

Solana Labs, a developer of decentralized finance projects, raised $314.2 million of new funding in a private token sale to develop technology used in the fast-growing area of the cryptocurrency markets known as decentralized finance, or DeFi.

The Blockchain startup said in a press release that the funding round was led by Andreessen Horowitz, one of Silicon Valley's most prominent venture-capital firms, and Polychain Capital, a crypto hedge fund that also does VC-style investments.

Other participants in the round included Alameda Research, CMS Holdings, CoinShares, Jump Trading, Multicoin Capital, Sino Global Capital, and many others

"With the new resources, Solana Labs will launch an incubation studio to accelerate the development of decentralized applications and platforms building on Solana, alongside a venture investing arm and trading desk dedicated to the Solana ecosystem," it said.

According to industry reports, Solana is a challenger to Ethereum for dominance in decentralized finance -- a developing industry within crypto that uses tokens to pay for financial services such as transferring funds.

Sources claim that when Ethereum's current capacity is about 15 transactions per second, Solana's capacity, on the other hand, is around 50,000 transactions per second.

"Solana is build-ready today. After seeing explosive growth in global developer uptake, we are convinced that scalability and throughput in blockchain......................

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