Solana, a censorship-resistant blockchain that develops an open infrastructure for global adoption, recently received five $100 million investment funds in a funding round led by Huobi, Gate Labs, and NGC Ventures, HashKey Group, and the MATH Global Foundation.
“Solana is dedicated to the long term growth of every project and developer who chooses to build on top of Solana. We are excited to have the support of our new strategic partners, Huobi, Gate Labs, NGC Ventures, HashKey, and the MATH Global Foundation as we continue to build a censorship-resistant and community-centred ecosystem.”
said the president of the Solana Foundation, Anatoly Yakovenko.
According to the press release, the new funding will be channeled to projects developing on the Solana blockchain for the Asian market, with the Gate Lab funding putting a focus on increasing brand awareness initiatives for the Asia-Pacific region. Gate Labs is the investment arm of Gate.io, a cryptocurrency exchange.
Huobi will provide support for projects building infrastructure products on the Solana blockchain, focusing on projects that intersect with middleware and decentralized financial infrastructure. Publicly listed in Hong Kong, Huobi also has a strong presence in Japan, South Korea and the US Huobi will also provide strategic guidance for projects in Solana in terms of market insight, mechanism design and financing.
NGC Ventures will offer industry guidance for company development, recruitment, and financial management. NGC Ventures has previously mentored and invested in blockchain startups such as Theta, Chainlink, Algorand, Polkadot, and Filecoin.
HashKey Group’s expertise in digital asset management and financial technology will be used to provide resources for projects within Solana aimed at the institutional and retail markets.
A Singapore-based team, the MATH Foundation is leading the development of MathWallet, an interoperable cross-chain wallet. The MATH Foundation will assist builders seeking to integrate with Solana through technical resources and support for global investment-focused initiatives.
The five investors have each raised $20 million for their contribution to the growth of the Solana ecosystem, and will focus on their specific areas of expertise as Solana accelerates development for the Asia-Pacific region. The strategic investment follows Solana’s recent announcement of the Solana Season Hackathon, which was previously discussed by CryptoDaily. Solana’s new strategic investment brings the project’s total funding to over $140 million, following its previous $40 million investment from crypto exchanges OKEx and MCx.