Solana Completes $314 Million Private Token Sale

  • The $314 million funding round is the fourth largest in crypto history outside of ICOs.
  • The company will use the funds to increase adoption by improving trading and supporting dApps.
US dollar bills

Shutterstock

Solana announced it has completed the $314 million fundraising round on 9 June, confirming reports from earlier this week that rumored a private token sale would take place this week. According to a report from Forbes, the round was led by venture capital firms Andreessen Horowitz and Polychain Capital and included participation from Alameda Research, Blockchange Ventures, and CMS Holdings. 

Blockchange Ventures, CoinShares, Collab Currency, Memetic Capital, Sino Global Capital, and Jump Trading also joined the round.

The funds will be used to create a venture investing subsidiary and a trading desk dedicated to the Solana ecosystem. A portion of the investment will also be funneled into providing support for the development of new decentralized applications built on the Solana blockchain.

Discussion
Related Coverage
Coinbase Wallet Adds Support for Solana Tokens
  • Coinbase users can now use the exchange’s self-custody wallet to store, send, and receive SOL and Solana-based tokens.
  • The exchange also revealed it was looking to add wallet support for Solana-based NFTs and dApps in the near future.
March 18, 2022, 3:31 PM
coinbase

Shutterstock

Token Bridge Wormhole Exploited for $334M
  • Since the incident, the Wormhole team has claimed to have found a fix to the exploit, which has already been deployed, and that all funds were safe.
  • The token bridge has also contacted the hacker through his Ethereum address, offering him a $10 million bug bounty if he was willing to return the stolen funds.
Phantom Raises $109M, Launches iOS App
  • With a fresh valuation of $1.2 billion, Phantom will now focus its efforts on improving its technical capabilities and expanding to multiple blockchains.
  • In order to grow in popularity even further, Phantom also launched its mobile app for iOS devices, and revealed Android is coming soon.