Saber, a cross-chain stablecoin and wrapped token exchange based on the Solana protocol, recently announced that it has raised $ 7.7 million in a just-concluded seed funding round led by Race Capital.
Saber secures funding from industry investors
Other venture capital firms that participated in the equity financing round include Jump Capital, Multicoin Capital, Social Capital of Chamath Palihapitiya, and Solana Foundation, among others.
The $ 7.7 million investment round also received contributions from renowned cryptocurrency experts such as OKCoin’s Jason Lau, FTX’s Tristan Yver, Curve Finance’s Julien Bouteloup, Terraform Labs ‘Jeff Kuan, and Stacks’ Ryan Shea.
According to Saber Labs, the core team behind the project, funds will be channeled into important areas such as marketing, business, product development and team expansion.
The Solana-based stablecoin exchange noted that the funds would come in handy to boost its staff strength to 10 by the end of the year.
Saber will expand into other chains
Saber Labs CEO Dylan Macalinao, who commented on the latest venture through a spokesperson, said the recent funding was imperative given the rapid growth of the Solana platform and the amount of total value locked up (TVL) on the exchange in recent times. , adding:
“We expect Saber TVL to continue to grow rapidly as more projects integrate with Saber’s deep on-chain liquidity.”
Macalinao added that Saber is planning to expand its presence to other major blockchain networks such as Polygon and Celo to increase its number of assets.
It is worth noting that Saber already supports cryptocurrencies on blockchain projects such as Bitcoin, Ethereum, Solana and Terra. The addition of Polygon and Celo could see the number of cryptocurrencies supported on the platform significantly increase.
Saber becomes Solana’s third largest DApp
Saber was launched in June 2021 as a Solana-based cross-chain platform that allows traders to trade between stablecoins and packaged tokens, provide liquidity and earn profits from transaction fees and liquidity incentives.
Stablecoins are used as a means of trading cryptocurrencies on supported blockchains, thus helping to exchange value across different chains.
Macalinao noted that despite launching last month, the project has a strong competitive advantage over other platforms because it supports cryptocurrencies across different networks. According to the CEO, this benefit has helped increase the Total Locked Value (TVL) on Saber.
Data on DefiLLama show that the platform is currently the third largest decentralized application (dApp) on Solana, with over $ 125 million in TVL assets.
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