Cryptocurrency

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

The company has raised $7.7 million in an initial coin offering (ICO) to fund the development of its “Saber” blockchain, which is designed to reduce energy consumption and increase efficiency in data centers.

Saber was valued at $185.77 million after receiving $7.7 million in a seeding fund round. As a result, it has become the second most valuable platform on Solana. 

The platform went online earlier this month, enabling for cross-chain trade of stablecoins and wrapped resources. The financing round was disclosed on Wednesday by Saber Labs, the firm that created Saber. Three individuals make up the improvement team currently. In addition, the business intends to recruit approximately seven additional individuals this year using its existing resources. In addition, more resources on the exchange will be supported.

The money came from Race Capital, a group that comprises billionaire Chamath Palihapitiya’s Social Capital, Jump Capital, Multicoin Capital, and the Solana Foundation. Angel investors such as Ryan Shea of Stacks, Julien Bouteloup of Curve Finance, and Jeff Kuan of Terraform Labs contributed to the first round.

On Twitter, Saber’s CEO and Co-Founder, Dylan Macalinao, said:blockquote> “We need a blockchain that can manage enormous scale if DeFi is to reach millions of users and billions of dollars in value. We think Solana is such blockchain because of its cheap transaction costs and great performance.” <blockquote>

The platform, according to the company’s website, provides minimal slippage trading even at high volumes. Saber also provides liquidity-based exchange-based yield returns.

Locked Total Value

On Solana, Saber has the second-highest total value locked (TVL). At $185.77 million, according to statistics from DeFiLlama, a decentralized money (DeFi) network. Furthermore, Solana is designed to be a more adaptable Ethereum rival. It has also been gaining momentum since March, with a slew of DeFi apps launching on the market.

Solana Labs’ founder and CEO, Anatoly Yakovenko, said at the time of the $314.14 million symbolic sale. The goal was for the network to have one billion users.

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