Saber Labs, known as the development team behind Saber, received $7.7 million in a seed financing round. Saber is an exchange of stablecoins and wrapped tokens on a Solana-based cross-chain basis.
Race Capital was leading the round, including Social Capital, Multicoin Capital, Jump Capital and the Solana Foundation. The round was also attended by Angel investors, including Tristan Yver from FTX, Jason Lau from OKcoin, Julien Bouteloup from Curve Finance, Jeff Kuan from Terraform Lab, and Ryan Shea from the stacks.
Saber Labs co-founder and CEO Dylan Macalinao, told The Block that it was an equity fund round. It will enable Saber’s team to grow and support more digital assets on the platform, he added.
The Growth of Saber
Saber Labs is presently a team of three. By the end of the year, Macalinao is planning to employ around seven individuals to expand the team. With regard to platform growth ambitions, Macalinao stated Saber is now supporting assets from Bitcoin blockchain, Ethereum, Terra, Solana and aiming at supporting “all major chains, including Polygon and Celo.”
Launched just recently, Saber enables users to trade the same Ethereum-based Curve Exchange between stablecoins and wrapping tokens. Saber also allows users to deposit assets in order to offer liquidity, receive rewards from liquidity charges and serves as an AMM.
The competitive advantage of Saber is the number of assets it supports, Macalinao stated. “Mercurial Financial is Saber’s primary rival on Solana, supporting just four assets compared to the fast-growing 15+,” he added. “This is why Saber has attracted a lot more liquidity, helping connect communities across the whole blockchain ecosystem.”
In fact, since its debut less than two months ago, Saber has experienced considerable growth. Saber is now the third biggest decentralized Solana application by total locked value (TVL), according to the DefiLlama tracker. Saber’s TVL is above $180 million at the time of writing, just behind Raydium and Serum.
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