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5 New Funds Bring $100M to Boost Growth of the Solana Ecosystem
The funds are each bringing $20 million in investment to boost growth and development for Solana in the Chinese region.
Updated May 9, 2023, 3:19 a.m. Published May 7, 2021, 2:00 p.m.
Five strategic investment funds totaling $100 million have launched in a bid to accelerate the growth and development of key projects in Solana's blockchain ecosystem.
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Funding will go toward projects developing on Solana within the Chinese region, according to a press release shared with CoinDesk on Friday.
Three funds from crypto exchange Huobi; Gate.io's investment arm, Gate Labs; and crypto investment firm NGC Ventures have each contributed $20 million.
Huobi’s fund will focus on projects building infrastructure-related products within Solana, while NGC's will be focused on offering mentorships relating to company development, hiring and financial management. Meanwhile, Gate Lab's fund will provide projects access to growth opportunities within new markets, specifically the Asia-Pacific region, per the release.
Two additional funds established by the wallet provider MATH Global Foundation and digital asset management group Hash Key have also each invested $20 million.
In the context of building on Solana, HashKey's fund will attempt to provide resources and guidance to projects looking to access institutional and retail markets. MATH's fund will take a focus on global investments.
See also: Solana Bucked Bitcoin Sell-Off; Upstart Blockchain Challenges Ethereum on Speed, Fees
The foundation has now attracted $140 million in funding, including a $40 million investment from crypto exchanges OKEx and MXC in March.
"Solana is ... innovating in the underlying hardware for performance improvement which is rare and valuable,” said Unica Yin, director of Huobi's investment team and Huobi Defi Labs.
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