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Solana Labs Raises $314M in Token Sale Led by A16z, Polychain
It's one of the largest token sales in recent memory.
By Danny Nelson
Updated May 9, 2023, 3:20 a.m. Published Jun 9, 2021, 12:48 p.m.
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Solana Labs has raised $314 million from top crypto venture firms in a token sale that supercharges plans to build an expansive decentralized finance (DeFi) ecosystem atop the Solana blockchain.
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Andresseen Horowitz and Polychain Capital led the private token sale with participation from CMS Holdings, Coinfund, ParaFi and others. Sam Bankman-Fried’s venture firm, Alameda Research, a major backer of Project Serum, one of the most popular decentralized exchanges on Solana, also joined the round.
The raise, which Decrypt hinted last week was coming, ranks among the largest token sales for a blockchain protocol in recent memory. Though a handful of projects have crossed the $200 million mark, they seldom bank as much as Solana has with this round.
Read more: Solana Blockchain Raising Up to $450M: Report
Such a massive haul might be necessary if the latest blockchain to be deemed an “Ethereum killer” for its lower fees and faster processing time is to see that vision through. “The next phase is onboarding a billion users,” Solana Labs CEO Anatoly Yakovenko said in a press statement.
Yakovenko intends to woo those users by building out the blockchain’s footprint, as well as Solana Labs’. The funding round will support development of a trading desk, a venture investing arm and an in-house incubator, the press statement said.
"From Solana’s inception, we recognized that the single most important application for blockchains was trading, and that Solana was the only blockchain specifically built to trade assets at scale via parallel transaction execution,” Multicoin Capital Managing Partner Kyle Samani said in an email.
He said “breakout DeFi applications” like margin trading platform Mango, prime brokerage protocol Oxygen and market data oracle Pyth led Multicoin to “double down.”
Blockchange Ventures, CoinShares, Collab Currency, Memetic Capital, Sino Global Capital and Jump Trading also joined the round.
Read more: Solana Launches $20M Fund to Advance Ecosystem in Korea
Solana’s SOL tokens rank among the top performers this year in digital-asset markets, up a staggering 22-fold in price, for a reported market value of $11.7 billion, according to the data firm Messari.
In June alone, the price has surged 38%, defying a broad sell-off in cryptocurrencies. Bitcoin, for example, is down 5% on the month.
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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