Solana Labs raises $314M in token sale to expand its blockchain-related services
Solana Labs Inc. announced today that it has raised $314 million in a private token sale to launch an incubation studio, venture investing arm and trading desk.
Andreessen Horowitz and Polychain Capital led the token raise. Other investors included Alameda Research, Blockchange Ventures, CMS Holdings, Coinfund, CoinShares, Collab Currency, Memetic Capital, Multicoin Capital, ParaFi Capital, Sino Global Capital and Jump Trading.
Founded in 2018, Solana offers a web-scalable blockchain that offers support for decentralized apps and marketplaces. The company’s blockchain is designed to give developers the confidence to build for the long term by delivering predictable scaling without compromising security or composability.
Under the hood, Solana’s performance is driven by so-called intra-shard parallelism, which is capable of processing thousands of smart contracts at once alongside what the company says is a unique Proof of History offering. Proof of History is a sequence of computations that provides a way to verify the passage of time between two events cryptographically. In Solana’s case, the company’s Proof of History offers low-latency, subsecond finality across the global state.
Since launching its Mainnet in beta test mode in March of 2020, Solana has attracted tens of thousands of developers to its network. The network is said to have become a prime breeding ground for developers seeking to build and deploy market-ready applications that are secure, fast, low-cost and energy-efficient.
Notable DeFi, Web3 and blockchain gaming projects and services using the Solana blockchain include Project Serum, Circle Intenet Financial Ltd., Aduis Inc., Tether Ltd., SmartContract Chainlink Ltd., Akash Network, Raydium, Terra and Bonfida.
“After seeing explosive growth in global developer uptake, we are convinced that scalability and throughput in blockchain are now a solved problem,” Anatoly Yakovenko, Solana Labs co-founder and chief executive officer, said in a statement. “The next phase is onboarding a billion users. Solana was built from the ground up to accommodate this scale.”
Including the new token raise and previous traditional venture capital funding, Solana has raised about $375 million to date, according to Pitchbook.
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