Saber has raised $7.7 million in a seeding fund round, and is rated as
the second platform on Solana in terms of total locked value (TVL) with
$185.77 million.
Solana-based cross-chain exchange Saber raised $7.7 million in a seed funding round.
The
platform launched last month and enables the cross-chain exchange of
stablecoins and wrapped assets. Saber Labs, the development team behind
Saber, announced the funding round on July 28.
The development
team is currently a three-person unit and the firm will use the funds to
hire around seven more staff members this year. It will also expand
support to more assets on the exchange.
The round was led by venture capital firm Race Capital, with
participation from billionaire Chamath Palihapitiya's Social Capital,
Jump Capital, Multicoin Capital and the Solana Foundation.
The
seed round was also backed by angel investors such as FTX's Tristan
Yver, OKcoin's Jason Lau, Stacks' Ryan Shea, Curve Finance's Julien
Bouteloup, and Terraform Labs' Jeff Kuan.
Saber co-founder and CEO Dylan Macalinao noted on Twitter:
“For
DeFi to reach millions of users and trillions in value, we need a
blockchain that can handle mass scale. Due to its low transaction costs
and high performance, we believe Solana is that blockchain.”
The firm’s website claims
that the platform offers “low slippage trading, even at large volumes.”
Saber also offers liquidity based passive yield returns from
transaction fees.
According to data
from DeFi Llama, Saber has the second highest total value locked (TVL)
on Solana with $185.77 million. Automated market maker (AMM) Raydium is
currently sitting at the top with $572.21 million in TVL at the time of
writing.
Solana is aiming to be a much more scalable competitor to the Ethereum network and it has been gaining attention in 2021 with dozens of DeFi projects launching on the platform since March.
Related: Metaplex NFT marketplace launches on Solana
Cointelegraph reported on June 9 that Solana Labs, the team behind Solana raised $314.14 million through a private token sale, which was led by top crypto venture firms Andreessen Horowitz and Polychain Capital.
At
the time of the $314.14 million token sale, Anatoly Yakovenko, founder
and CEO of Solana Labs said the aim was to onboard one billion users on
the network:
source link : https://cointelegraph.com/news/solana-based-cross-chain-exchange-saber-raises-7-7m-to-expand-team-and-tokens
