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Solana Rallies On USD 314M Investment News

Linas Kmieliauskas
Last updated: | 1 min read

Solana (SOL) said it raised USD 314m in order to accelerate the growth of this blockchain platform, fueling a rally in the market.

Anatoly Yakovenko, Founder and CEO of Solana. Source: A video screenshot, Youtube/Solana

At 13:09 UTC, SOL, ranked 11th by market capitalization, trades at USD 42.6 and is up by 16% in a day and 37.5% in a week.

The private token sale was led by Andreessen Horowitz and Polychain Capital with participation from Alameda Research, Blockchange Ventures, CMS Holdings, Coinfund, CoinShares, Collab Currency, Memetic Capital, Multicoin Capital, ParaFi Capital, Sino Global Capital, Jump Trading, and select individual investors like Boys Noize, per the announcement.

Solana said that with the new resources they will launch an incubation studio to accelerate the development of decentralized applications and platforms building on this platform, alongside a venture investing arm and trading desk dedicated to their ecosystem.

“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,” Ali Yahya, General Partner at Andreessen Horowitz, was quoted as saying in the announcement.

Learn more:
Ethereum Needs to Try Harder To Keep Its Dominance in a Multichain Future
Solana Founder On Critical DeFi Challenges and How To Fix Them
Ethereum Alternative Solana Gets USD 40M Boost