Solana-Based Saber Raises $7.7m To Expand Team and Tokens

Solana-Based Saber Raises $7.7m To Expand Team and Tokens

Saber has received $7.7 million in a seeding fund round and is valued at $185.77 million. Thus, making it the second most valuable platform on Solana. 

Last month, the platform went live, allowing for the cross-chain trading of stablecoins and wrapped resources. Saber Labs, the company that developed Saber, announced the funding round on Wednesday. The improvement team now consists of three people. Moreover, the company plans to use its resources to hire about seven more people this year. Furthermore, will also give support for additional resources on the exchange.

Race Capital, which includes billionaire Chamath Palihapitiya’s Social Capital, Jump Capital, Multicoin Capital, and the Solana Foundation, provided the money. The initial round was sponsored by angel investors such as Ryan Shea of Stacks, Julien Bouteloup of Curve Finance, and Jeff Kuan of Terraform Labs.

The CEO and Co-founder, Dylan Macalinao of Saber noted on Twitter:<blockquote>“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.” <blockquote>

According to the company’s website, the platform delivers low slippage trading even at large volumes. Saber also offers exchange-based liquidity-based yield returns.

Total Value Locked

Saber has the second-highest total value locked (TVL) on Solana. According to data from decentralized money (DeFi) network DeFiLlama, at $185.77 million. Besides, Solana is intended to be a more flexible competitor to the Ethereum network. Also, it has been gaining traction since March, with numerous DeFi applications starting on the platform.

Anatoly Yakovenko, the founder and CEO of Solana Labs, stated at the time of the $314.14 million symbolic sales. The goal was to achieve one billion members on the network.

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