The Solana Blockchain got $100 million in funding to accelerate the ecosystem growth and the advancement of key ventures in its ecosystem as we can see in our latest blockchain news.
According to the company’s press release, the new funding will go to new projects for the Asian market which is now being developed on the Solana blockchain with Gate Lab’s fund focusing on boosting the recognition initiatives in the Asian Pacific region. Gate Labs is the crypto exchange Gate.io’s investment branch. Solana’s Foundation president Anatoly Yakovenko noted:
“Solana is dedicated to the long-term growth of each and every project and developer who chooses to build on Solana. We are thrilled to have the support of our new strategic partners, Huobi, Gate Labs, NGC Ventures, HashKey, and MATH Global Foundation as we continue to build a censorship-resistant and community-centered ecosystem.”
Huobi will help the projects that are developing the infrastructure products on the Solana blockchain with emphasis on the projects which overlap with middleware and decentralized finance infrastructure. Huobi is a Hong Kong-based company that has a huge presence in South Korea, Japan, and the United States. In terms of industry insights, funding, and process design and Huobi will also provide strategic guidance for the projects within Solana. The Solana Blockchain got $100 million in funding and two funds were established by the NGC Ventures and HashKey Group.
NGC Ventures will mostly focus on offering mentorship since historically they were the ones that emphasized development, hiring, and prudent treasury as well as financial management:
“One of Asia’s key strengths is the unique blockchain community that has developed over the past five years. As a key member of the APAC blockchain community, HashKey is uniquely positioned to support the growth of blockchain projects in the region thanks to the extensive domain knowledge of our leadership team and our expansive network. We look forward to doing so alongside The Solana Foundation.”
NGC Ventures will also provide mentorship in the business growth areas as well as recruiting and financial management. NGC Ventures worked and invested in other blockchain companies like Polkadot, Theta, Chainlink, Algorand, and Filecoin. The final fund that was founded by Math Global Foundation, is a Singapore-based team behind MathWallet which will focus on investment solutions with the ecosystem’s 66+ public chains. The investment will include capital and technological tools to help the new audiences that want access to this growing space
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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