Solana Announces it has successfully Raised $314 Million

There was a time when even the primary cryptocurrency projects and firms found it extremely difficult to survive in the real world. The real reason was strong opposition from the mainstream institutions as well as regulatory authorities.

Then in 2020, the industry found the opportunity to grow as the world started depending on virtual means of income than relying on real-time means. That was the time when primary cryptocurrency firms and projects started gaining worldwide attention and popularity.

Soon the industry gained the attention of the mainstream institutions and was later adopted by them. An industry that was once considered risky had now become the primary source of income for millions of people.

This resulted in several millions of people joining the cryptocurrency industry. Now the industry has been adopted by almost 120 million users worldwide who aim to benefit from it as much as they can.

While 2020 turned out to be the year in which the cryptocurrency experienced worldwide adoption, 2021 is proving to be the year in which the crypto-industry explores more technology.

Now that new programmers and technology enthusiast firms are confident about the potential of cryptocurrencies, they have started launching their own services.

Services that are already serving the cryptocurrency crowd have started introducing improvements to their systems. They also have the confidence of expanding their services and utilities for their users and are aiming to target newer markets.

However, the expansion, development, and growth of a business take a lot of funds and resources. This is the reason why cryptocurrency firms also look forward to the support of investors and venture capital firms to generate funds.

Solana (SOL), which is a prominent crypto-blockchain platform in the crypto-verse has recently announced the conclusion of an investment round. The firm has revealed that it has successfully generated $314 million for the development of the project.

According to Solana (SOL), the funds raised would help it introduce more products and services in the blockchain industry. The funds would also help it accelerate the growth of its services and the performance of the blockchain platform.

At present Solana (SOL) is ranked as the 11th top cryptocurrency by market capitalization. At the time of writing, the price of SOL Is $42.6 per unit. In the last 24-hours, the price of SOL has increased by 16% and 37.5% in the last 7-days.

Solana (SOL) has revealed that it generated $314 million through the sale of tokens through private sales. The fund round was led by Polychain Capital and Andreessen Horowitz. Some other firms that participated in the private sale were Jump Trading, Sino Global Capital, ParaFi Capital, Multicoin Capital, and Memetic Capital.

Additional firms include Collab Currency, CoinShares, Coinfund, CMS Holdings, Blockchange Ventures, and Alameda Research.

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