Five strategic investment funds decided to make a bid on Solana’s current blockchain ecosystem. And the digital platform received a total of $100Mn support to accelerate its advancement.
Not to mention, each of the five funds contributes $20Mn for the investment.
As a result, market-ready projects to feature Solana Season Hackathon can access further resources. Additional investment will help to scale the communities for accelerated adoption.
Solana made a press release to explain different perspectives of the new funds. Anatoly Yakovenko, Solana Foundation’s president sounded optimistic on the announcement.
He credited the company to stick with the long-term growth of Solana-related projects. And the coverage counts developers to prefer the platform.
‘We’re thrilled to have the financial support of Solana’s new strategic partners’ – he said. Yakovenko also hopes to continue building a community-centered & censorship-resistant ecosystem.
It particularly emphasizes the projects to hold Asian markets to depend on Solana blockchain. The project concerns Asia’s market strength regarding a unique blockchain community. Meanwhile, Coindesk’s report confined the applicability to the Chinese virtual market.
Three of the five funds come from the crypto exchange – Huobi, Gate Labs & NGC Ventures. Crypto wallet provider MATH Global Foundation with digital asset management Hash Key joined the pact.
- Singapore-based NGC Ventures is well-known in the blockchain community for investments. It already worked with platforms like Chainlink, Polkadot, Theta, Filecoin & Algorand. NGC Ventures’ support will take an active part in offering direct-indirect mentorship. It covers the company’s development, hiring & management sections. And Huobi’s fund will focus on infrastructural projects to prefer the Solana blockchain system.
- Gate Lab remains the practical investment arm of Gate.io, a reputed crypto exchange platform. Its fund should deliver convenient project accessibility to make growth opportunities. It explicitly targets new market options from the Chinese region.
- Singapore-based MATH Global Foundation targets global investment options with satisfactory interoperable solutions. It aims at Solana’s existing 66+ public chains to achieve the objectives.
- Meanwhile, Hash Key made an official statement on the issue to explain its position. The platform remains one key member of the APAC blockchain community for years. Its extensive knowledge with an expansive network is likely to support blockchain growth.
Therefore, the company managed to hold a $140Mn fund from 7 different funds. Not to mention, crypto exchange OKEx along with MXC provided $40Mn support in March.