80 Interactions, 4 today
Solrise Finance is a DeFi protocol for managing portfolios on the Solana network. The platform enables investors to spread their money among multiple actively managed funds.
Solrise Finance, a decentralised finance (DeFi) protocol for the Solana network, has raised $3.4 million for its non-custodial asset management platform, demonstrating that venture capitalists continue to seek wide exposure to the digital asset sector.
Some of the biggest venture capital names in blockchain supported the Solrise funding round, including Alameda Ventures, Delphi Digital and CMS Ventures. Jump Capital, ParaFi Capital, DeFi Alliance, Reciprocal Ventures and SkyVision Capital rounded out the participants.
Solrise stated Tuesday that the cash round would be used to make DeFi more accessible to a broader range of investors. This involves removing hurdles to adoption such as high transaction costs and a lack of transparency about custody options. Solrise, in particular, will provide investors easier access to “cross-section assets,” such as synthetic, Solananative, and off-chain assets.
ParaFi Capital managing partner Santiago Santos stated that Solrise is his firm’s first, but probably not final, DeFi investment in Solana, adding:
“We’re encouraged by the new possibilities in Solana for DeFi applications and see Solrise as the primary access point for investors and capital in the ecosystem.”
Solana is quickly becoming one of the largest and fastest-growing blockchain ecosystems. As previously reported by Cointelegraph, Solana Labs completed a $314 million private token sale in June, closing off a fantastic quarter of growth.
Because of the increasing adoption of the developer network, SOL, Solana’s native coin, has risen in the crypto market rankings this year. According to CoinGecko data, Solana is the 14th-largest blockchain network in the world, with a market valuation of almost $9 billion.