Solana-based cross-chain exchange Saber raised $7.7 M in a seed funding round

In a seeding fund round Saber has raised $7.7 M. Now in terms of total locked value (TVL), Saber is rated as the second platform on Solana with $188.35 M.

Solana-based cross-chain exchange Saber raised $7.7 M in a seed funding round

Saber launched last month and active the cross-chain exchange of stablecoins and wrapped assets. Saber Labs, the development team behind Saber, announced the funding round yesterday.

In Saber's development team there are currently three members. The company will use the funds to hire 7 more team members this year and also expand support to more assets on the exchange.

Venture capital firm Race Capital led  the seed round, with participation from billionaire Chamath Palihapitiya's Social Capital, Jump Capital, Multicoin Capital and the Solana Foundation. 

The seed round was also backed by angel investors including FTX's Tristan Yver, OKcoin's Jason Lau, Stacks' Ryan Shea, Curve Finance's Julien Bouteloup, and Terraform Labs' Jeff Kuan.

The saber’s website claims that the platform offers “low slippage trading, even at large volumes.” Saber also offers liquidity based passive yield returns from transaction fees.

As per the  data of  DeFi Llama, Saber has the second highest total value locked (TVL) on Solana with $188.35 M. Automated market maker (AMM) Raydium is currently sitting at the top with $578.11 M in TVL at the time of writing.

Solana is aiming to be a much more scalable competitor to the Ethereum network and it has been gaining attention in 2021 with dozens of DeFi projects launching on the platform since March.

According to a previous report Solana Labs, raised $314.14 M in a private token sale, which was led by top crypto venture firms Andreessen Horowitz and Polychain Capital.

At the time of the $314.14 million token sale, Anatoly Yakovenko, founder and CEO of Solana Labs said the aim was to onboard one billion users on the network.

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