Solana is raising as much as $450 million in bid to take on Ethereum: report

advertisement

The team behind the Solana blockchain is in the process of raising a large sum of money in a bid to take on Ethereum, according to a report by Decrypt. 

The project — which is best known for powering FTX's decentralized exchange Serum — could raise anywhere from $300 million to $450 million from the raise, but the exact figure is unclear from Decrypt's report. Solana co-founder Anatoly Yakovenko did not respond to a message from The Block seeking further clarity about the raise. 

Solana's blockchain promises more scalability through a new consensus mechanism known as Proof of History. It appears to be favorable among traders. Serum, which FTX announced in July, has seen its trading volumes top $1.6 billion last month, as per The Block's data dashboard. 

The ecosystem for Solana appears to be growing at a fast clip. A number of projects building on the blockchain have launched recently. Jump Trading — one of the largest high-frequency trading shops — announced Pyth, a Solana-based project that would bring Wall Street's vast amount of market data on chain.  

Last week, the Solana Foundation announced a $20 million fund to build out the ecosystem in South Korea.

In 2019, Solana announced the completion of a $20 million fundraise led by Multicoin Capital. Other investors include Blocktower Capital, Slow Ventures, and Passport Capital.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post
More