Solrise Finance Raises $3.5 Million from Venture Capital Investors
One of the decentralized finance (DeFi) protocols on the Solana network, Solrise Finance, has successfully raised $3.5 million from venture capital investors to develop its non-custodial asset management platform.
Top Venture Capitalists Back Solrise Finance
The success of this fund raising provides additional proof that venture capitalists arent shying away from investing in the virtual asset space. Solrise fund raising round was backed by leading venture capitalists such as Skyvision capital, reciprocal ventures, DeFi alliance, Parafi capital, Jump Capital, Delphi Digital and CMS ventures, and Alameda ventures.
Solrise plans to use the funds raised to make DeFi more accessible to a broader catgeroies of investors. One of the ways it plans to achieve this goal is to remove all adoption barriers especially confusion surrounding custody solutions and huge transaction costs.
Also, Solrise intends to help investors focus on varied assets like off-chain assets, Solana native and synthetic. One of the general partners at Parafi Capital, Santiago Santos, revealed that while Solrise is the first DeFi investment for Parafi capital, it intends to invest in more DeFi projects on the Solana blockchain.
He further said “we are excited by the possibilities for DeFi applications in Solana and as investors, we are convinced that Solrise is our first entry point into this space.” Solana’s growth in the blockchain space has been phenomenal despite being almost a new entrant in the space. The rapid growth of the blockchain rubbed off on its native token, SOL as its price has been rising steadily as well.
A Coingecko analytics reveal that Solana’s market cap of almost $9 billion ranks it among the top 15 blockchain networks worldwide.
Solana Labs’ Private Token Sale Generates $315 Million
Solana labs’ goal of expansion received a boost as venture capitalists invested millions of dollars in its latest fund raising exercise. The blockchain development studio revealed that its private token sale generated about $315 million, making it one of the topmost fund raises so far this year.
Solana labs intends to use part of the funds to assist current and future decentralized applications and Solana-built projects. Part of the funds will also be used to create an investing department for venture capitalists and a trading platform solely for Solana users.
Solana Labs CEO and Founder, Anatoly Yakovenko, revealed that the blockchain’s next phase is to onboard one billion users and he quickly affirmed that the platform can accommodate more as that has been the vision from the beginning. Since the first quarter of this year, the number of DeFi projects launched on Solana has increased considerably.
One of the notable projects launched on Solana is Metaplex; it is an NFT platform for artists and creative producers to monetize their personalized items. The Solana team also created Solverse, which serves as advisory and human resource support for Solana-built projects.
There are at least 21 experts in various fields on Solverse already and they assist Solana-build platforms with customized marketing solutions. A high-performance blockchain like Solana is necessary to turn use cases for crypto technology into real-life products that can serve several people.
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