Solana Raises $314.15M in Private Token Sale

Solana Labs, the blockchain studio behind decentralized financing projects built on the Solana blockchain, recently completed a private token sale led by Andreessen Horowitz and Polychain Capital. The sale closed at $314,159,265, a tribute to the estimated value of Pi, a mathematical constant that is the ratio of a circle's circumference to its diameter. The sale will be used as a primary source to accelerate the deployment of market-ready decentralized applications and Web3 platforms aimed at expanding the crypto space to the next billion users. A venture investment department will be set up as well as a trading desk dedicated to the Solana ecosystem. Distinguished individual investors such as 1kx, Alameda Research, Blockchange Ventures, CMS Holdings, Coinfund, CoinShares, Collab Currency, Memetic Capital, Multicoin Capital, ParaFi Capital, Sino Global Capital, Jump Trading and Boys Noize participated in the private token sale. . The exclusive token sale, available only to overseas investors, was recently announced by Solana Labs, which was completed earlier this year. “Solana is ready to build today. After explosive growth in global developer adoption, we are convinced that blockchain scalability and throughput is now a solved problem. This is a milestone similar to the widespread availability of PCs in the 1970s,” said Anatoly Yakovenko, co-founder and CEO of Solana Labs. “The next step is the introduction of a billion users. Solana has been building from the ground up to overcome this scale. With this funding, Solana Labs is now positioned to bring in the right partners and capital to build products and tools to get there.” Added Yakovenko. Solana currently powers some of the leading dApps and platforms in the crypto industry, including Serum, Raydium, Bonfida, KIN, Audius, Mango Markets, Maps.me, Pyth Network, Phantom wallet and the team behind the USDC stablecoin. Meanwhile, these projects have processed over 19b b.

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