Solana Labs obtains $314 million in a private token sale as ecosystem support grows.

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Alameda Research, Blockchange Ventures, CMS Holdings, Coinfund, CoinShares, Collab Currency, Memetic Capital, and many more investors contributed to the round, which was led by Andreessen Horowitz and Polychain Capital.

Hundreds of millions of dollars have been invested in Solana Labs by cryptocurrency venture capital firms to support the continued development and implementation of decentralised apps and platforms built on Solana.

Solana Labs, a blockchain development studio dedicated to the incubation of Solana concepts, reported Wednesday that it has collected $314.15 million in a private token sale, making it one of the year’s largest private sales.

The funds will be utilised to help launch existing and future decentralised apps and platforms built on Solana. It will also be utilised to launch a venture investment arm and trading desk focused on the Solana network.

Anatoly Yakovenko, founder and CEO of Solana Labs, outlined his network’s ambitious vision to onboard 1 billion users, describing the current blockchain environment as an “inflection point akin to the moment that PCs became widely accessible in the 1970s.” He continued:

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

“The next wave of innovation in crypto will happen at the application layer. It is easy to imagine countless use cases for crypto as a technology, but building them into real products that millions of people use requires the existence of a high-performance blockchain,” said Ali Yahya, a general partner at Andreessen Horowitz. “Solana is a next-generation blockchain that can meet that high bar.”

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Solana has garnered a lot of attention recently, with hundreds of decentralised financial initiatives launching on its platform since March. One of these initiatives, as reported by Cointelegraph, is Metaplex, a new NFT marketplace that assists artists and content providers in monetizing their personalised collectibles.

Solverse, an accelerator programme that provides human resources and advisory assistance for companies built on the Solana platform, has also been established as part of the Solana ecosystem. Solverse has hired 21 subject matter experts to help Solana-based entrepreneurs on their market entry strategy.


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