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.
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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.
- The Solana network experienced a noticeable slowdown in block production after its most recent 1.14 network upgrade was implemented last week.
- In order to avoid similar issues in the future, one-third of Solana’s core engineers will now be focused on stability and adversarial testing.
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- Neon Labs’ Ethereum Virtual Machine (EVM) solution will be launched on 12 December, giving Ethereum-based dapps access to Solana’s scalability and liquidity.
- Neon EVM adopts the developer tools and compute layer present on Ethereum, making it easier for developers looking to expand to Solana.
- Meta will soon offer NFT creators an “end-to-end toolkit” that will enable them to mint and sell their digital collectibles directly on Instagram.
- The company will add support for the Solana blockchain and Phantom wallet, and further expand its supported blockchains with the addition of Solana.