Cryptocurrency News

Solana Labs raises $314 million through private token sale as ecosystem support expands

The Cryptocurrency Venture Capital Fund has poured hundreds of millions of dollars into Solana Labs to support further development and execution of decentralized applications and platforms built on Solana.

Solana Labs, the blockchain development studio dedicated to incubating Solana projects, announced on Wednesday that it has raised $314.15 million through a private token sale — one of the largest private sales of the year.

The funding will be used to bootstrap existing and upcoming decentralized applications and platform building on Solana. It will also be used to set up a venture investment arm and trading desk dedicated to the Solana network.

Anatoly Yakovenko, founder and CEO of Solana Labs, outlined the ambitious vision of his network to include 1 billion users, describing the current blockchain environment as “an inflection point for the moment when the PC became widely accessible in the 1990s.” He continued:

“The next phase is involving one billion users. The solana was built from the ground up to accommodate this scale. “

“The next wave of innovation in crypto will be at the application layer. It’s easy to imagine countless use cases for crypto as a technology, but a high-performance way to build them into actual products used by millions It requires the existence of a blockchain,” said Ali Yahya, a general partner at Andreessen Horowitz. “Solana is a next-generation blockchain that can meet that high bar.”

Solana has gained a lot of attention lately. Dozens of Decentralized Finance Projects Launching on its platform since March. As Cointelegraph reported, one of those projects is Metaplex, a New NFT Marketplace Which helps artists and content creators monetize their customized collectibles.

The Solana ecosystem has also established Solver, an accelerator program that provides human resources and advisory support for building projects on the platform. have solvers Recruitment of 21 subject experts Advising Solana-based startups on their go-to-market strategy.