In order to accelerate the growth and advancement of key ventures in Solana’s blockchain ecosystem, five strategic investment funds totaling $100 million have been launched.
5 New Funds Bring $100M
According to the company’s press release, the new funding will go toward projects for the Asian market that are being developed on Solana’s blockchain, with Gate Lab’s fund focusing on boosting brand recognition initiatives in the Asia-Pacific area. Gate Labs is the cryptocurrency exchange Gate.io’s investment arm.
Solana Foundation’s president, Anatoly Yakovenko:
“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 projects that are developing infrastructure products on the Solana blockchain, with a particular emphasis on projects that overlap with middleware and decentralized finance infrastructure. Huobi is a Hong Kong-based company with a large presence in Japan, South Korea, and the United States. In terms of industry insights, process design, and funding, Huobi will also provide strategic guidance for projects within Solana.
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The second and third funds have been established by NGC Ventures and HashKey Group. NGC Ventures will focus on offering mentorship since historically, they have emphasized development, hiring, and prudent treasury and 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 provide mentorship in the areas of business growth, recruiting, and financial management. NGC Ventures has worked with and invested in blockchain companies like Theta, Chainlink, Algorand, Polkadot, and Filecoin in the past.
The final fund, founded by MATH Global Foundation, the Singapore-based team behind MathWallet, will focus on global investments and interoperable solutions with the Solana ecosystem’s 66+ public chains. MATH’s investment will include capital as well as technological tools to help new audiences who want to access its fast-growing infrastructure and subscriber traffic, following its effective integration with Solana into its wallet app.
Frank Fu, CEO of Math World Basis said:
“The spectacular development of the Solana ecosystem over the previous few months have pushed monumental momentum for your entire decentralized economic system. We’re dedicated to persevering with to help the developments and improvements of the Solana ecosystem and sit up for investing in the perfect and brightest builders world wide by way of this new fund.”
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Featured image from Pixabay, charts from TradingView.
