Saber, a Solana-founded exchange for cross chains, collected $7.7M during a round of seed funding. The platform was started in the last month and allowed the cross-chain conversation of wrapped assets as well as stablecoins. On 28th July, Saber Labs (the group active behind the development of Saber) announced the funding round.
Presently, the development group consists of a three-person committee; thus, the company intends to utilize the funds for hiring nearly seven more members into the staff during this year. The firm will also increase its support for adding more assets. Dylan Macalinao, the CEO and co-founder of Saber Labs, has stated that Solana will function as the balancing layer between CEXs and other blockchains, in addition to having an advancing personal DeFi ecosystem that relies on pairs of stable assets.
He further mentioned that Saber is the passage of liquidity to construct a two-way connection between all the assets coming in or going out of Solana. Dylan further disclosed that the upcoming move of Saber is the integration of more protocols and assets across the world of cryptocurrency.
Race Capital, an organization on venture capital space, led the round in association with Solana Foundation as well as the Multicoin Capital, Jump Capital, and Social Capital of Chamath Palihapitiya (a billionaire). Other supporters of the seed round include Jeff Kuan from Terraform Labs, Julien Bouteloup from Curve Finance, Ryan Shea from Stacks, Jason Lau from OKcoin, Tristan Yver from FTX, and other such angel investors.
Dylan Macalinao posted on Twitter that they require a massive scale handing blockchain for reaching millions of customers as well as a worth of trillions. He assured that Solana contains the features of a capable blockchain as it has a high performance in addition to low transaction rates. It has been revealed by the website of the firm that the company provides a low slippage in the trading, including the large volumes as well. The data in the records of Llama digital finance shows that Saber owns the second maximum TVL (Total Value Locked) on Solana, containing $185.77M. Raydium, an AMM (automated market maker), is presently the top position holder possessing $572.21M in TVL.
It has been reported on 9th June that up to $314.4M has been raised by Solana Labs via the sale of a private token headed by the prominent crypto venture companies named Polychain Capital as well as Andreessen Horowitz.