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Solana Receives $100 million In Funding, Sets Acceleration for Asia-Pacific Region

Solana Receives $100 million In Funding, Sets Acceleration for Asia-Pacific Region

Solana, a censorship-resistant blockchain developing open infrastructures for global adoption, recently received five investment funds worth $100 million in a funding round led by Huobi, Gate Labs, and NGC Ventures, HashKey Group, and MATH Global Foundation.

“Solana is dedicated to the long-term growth of each and every project and developer who chooses to build on Solana. We are thrilled to have the support of our new strategic partners, Huobi, Gate Labs, NGC Ventures, HashKey, and MATH Global Foundation as we continue to build a censorship-resistant and community-centered ecosystem,” shared Solana Foundation’s president, Anatoly Yakovenko.

According to its press release, the new funding will be channeled to projects developing on Solana’s blockchain for the Asian market, with Gate Lab’s fund providing a focus on boosting brand awareness initiatives for the Asia-Pacific region. Gate Labs is the investment arm of Gate.io, a cryptocurrency exchange.

Huobi will provide support for projects building infrastructural products within the Solana blockchain, with a focus on projects intersecting with middleware and decentralized finance infrastructure. Publicly listed in Hong Kong, Huobi also has a strong presence in Japan, South Korea, and the U.S. Huobi will also provide strategic guidance for projects within Solana in terms of market insights, mechanism design, and financing.

NGC Ventures will offer industry mentorships for company development, hiring, and financial management. NGC Ventures has previously guided and invested in blockchain startups such as Theta, Chainlink, Algorand, Polkadot, and Filecoin.

HashKey Group’s expertise in digital asset management and financial technology will be used to provide resources for projects within Solana that are aimed at institutional and retail markets.

A Singapore-based team, MATH Foundation led the development of MathWallet, an interoperable, cross-chain wallet. MATH Foundation will help builders looking to integrate with Solana through technical resources and support for initiatives focused on global investments.

The five investors have pooled $20 million each for their contribution to Solana's ecosystem growth, and will focus on their specific areas of expertise as Solana accelerates development for the Asia-Pacific region. The strategic investments follows Solana’s recent announcement of its Solana Season Hackathon, which CryptoDaily has previously covered. Solana’s new strategic investments brings the projects total funding to over $140 million, after a prior $40 million investment from crypto exchanges OKEx and MCx.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

 

 

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