Solana, the super fast blockchain ecosystem with transaction speeds that dwarfs Ethereum’s speeds to a large extent has closed in a $100M investment from five firms. Each one will be investing $20M and the fund will be used to further develop Solana’s blockchain ecosystem.
The main focus area of the new funds will be to extend Solana’s popularity and reach in the Chinese region. The funds which participated in this round were three funds from crypto exhange Huobi; Gate.io’s investment arm, Gate Labs; and crypto investment firm NGC Ventures.
The Solana foundation has now received around $140M funding in total including a $40 million investment from crypto exchanges OKEx and MXC in March.