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OKEx, MXC Announce $ 40M Investment in Solana Ecosystem

The central theses

  • The Solana Foundation has partnered with OKEx and MXC to launch two mutual funds.
  • The funds will raise $ 40 million in capital to support projects built on Solana.
  • Solana recently brought a number of new projects to its platform.

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The Solana Foundation is supported by two major players in the industry.

Solana exchanges crypto back

OKEx and MXC double Solana.

The cryptocurrency exchanges have partnered with the Solana Foundation through two funds to promote growth in the blockchain ecosystem. The funds will bring in $ 40 million in new capital.

Antonaly Yakovenko, president of the Solana Foundation, told Crypto Briefing that the chain has seen rapid growth, particularly in the decentralized finance space. He said:

“Our focus is on delivering the best possible experience for users, Solana-based teams, and partners in the ecosystem. The Solana Foundation will continue to support innovative new approaches to DeFi around the world. “

The $ 40 million sum will support the growing number of teams building on the Layer 1 chain. The projects can access resources and get help with promotion, endorsement, and marketing.

Many promising teams have deployed their code on Solana in the past few months as the weight of Ethereum’s gas fees is an obstacle to wider adoption. The high-speed chain can process transactions for a fraction of a cent, which is a stark contrast to Ethereum today. In February, automated market maker Raydium launched on the platform and quickly attracted a total blocked value of $ 160 million. A recent proposal suggested that the Ethereum-based project SushiSwap could migrate to Solana via Raydium.

Among other things, Serum, Terra, Tether and Chainlink are already running on the chain.

So rare

The support of two key players in the industry is another positive sign of Solana’s future. OKEx and MXC are two of Asia’s largest cryptocurrency exchanges, processing billions of dollars every day. Sam Bankman-Fried, advisor to Serum and a key proponent of Solana, told Crypto Briefing that he was “extremely excited to see some of the key players in the crypto space commit to developing the most ambitious vision for Web3”.

The exchange will focus on supporting projects that build on the chain. OKEx has named its fund the Block Dream Fund and has focused on project growth and development. According to the press release, part of MXC’s work will be “leading projects that seek access to institutional and retail markets in Asia”.

With a market capitalization of just over $ 3.5 billion, Solana’s SOL token is currently the 29th largest cryptocurrency. It is trading at $ 13.15.

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. They also had exposure to SUSHI on a cryptocurrency index.

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