Solana, a proof-of-stake, smart contracts-enabled currency, is aiming to raise $450 million in a funding round that was extended last March. The Solana ecosystem, which is backed by Sam Bankman-Fried, founder and CEO of derivatives exchange FTX, would use these funds to take on Ethereum supremacy in the Defi ecosystem.
Solana to Raise $450 Million in Funding Round
Solana, the FTX-backed, proof-of-stake coin is aiming to raise $450 million in a funding round that was set to close, but instead expanded in March, according to a report from Decrypt. The outlet, citing anonymous sources, states the currency had targeted significantly less money in a smaller funding round, but found big capital interested in backing the project.
While there is still no confirmation on the amount of money raised by Solana, these funds would be used to entice developers to construct and bring their already existing projects to the network. The project is part of a group of cryptocurrencies called