Solana based cross-chain exchange Saber raises $7.7M to expand team and tokens


Solana-based cross-chain exchange Saber raised $7.7 million in a seed funding round.

The platform launched last month and enables the cross-chain exchange of stablecoins and wrapped assets. Saber Labs, the development team behind Saber, announced the funding round on July 28.

The development team is currently a three-person unit and the firm will use the funds to hire around seven more staff members this year. It will also expand support to more assets on the exchange.

How To Get Free Crypto  

The round was led by venture capital firm Race Capital, with participation from billionaire Chamath Palihapitiya’s Social Capital, Jump Capital, Multicoin Capital and the Solana Foundation.

The seed round was also backed by angel investors such as FTX’s Tristan Yver, OKcoin’s Jason Lau, Stacks’ Ryan Shea, Curve Finance’s Julien Bouteloup, and Terraform Labs’ Jeff Kuan.

Saber co-founder and CEO Dylan Macalinao noted on Twitter:

“For DeFi to reach millions of users and trillions in value, we need a blockchain that can handle mass scale. Due to its low transaction costs and high performance, we believe Solana is that blockchain.”

The firm’s website claims that the platform offers “low slippage trading, even at large volumes.” Saber also offers liquidity based passive yield returns from transaction fees.

According to data from DeFi Llama, Saber has the second highest total value locked (TVL) on Solana with $185.77 million. Automated market maker (AMM) Raydium is currently sitting at the top with $572.21 million in TVL at the time of writing.

Coinbase Banner  

Solana is aiming to be a much more scalable competitor to the Ethereum network and it has been gaining attention in 2021 with dozens of DeFi projects launching on the platform since March.

Related: Metaplex NFT marketplace launches on Solana

Cointelegraph reported on June 9 that Solana Labs, the team behind Solana raised $314.14 million through a private token sale, which was led by top crypto venture firms Andreessen Horowitz and Polychain Capital.

At the time of the $314.14 million token sale, Anatoly Yakovenko, founder and CEO of Solana Labs said the aim was to onboard one billion users on the network:

“The next phase is onboarding a billion users. Solana was built from the ground up to accommodate this scale.”

Go to Source
Author: Brian Quarmby

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.