Solana-based Cross-Chain Exchange Saber Raises $7.7 Million in Seed Funding Round

Saber, the second biggest protocol on Solana in terms of Total Value Locked ($185.77 Million), has raised $7.7 Million through a Seed Funding Round on July 28.

Among some prominent investors is venture capital firm Race Capital, with participation from billionaire Chamath Palihapitiya’s Social Capital, Jump Capital, Multicoin Capital, and the Solana Foundation.

Saber launched last month and enables cross-chain transfers of stablecoins and wrapped assets. Saber Labs, the development team behind the protocol, will use the funds to expand support to more assets on the exchange and hire a handful of new staff members.

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Solana has been one of the most thriving and attention-gaining ecosystems of 2021. Dozens of DeFi-Applications launched on the platform since March. DEFI Times already reported the protocol’s private token sale on June 9, which raised $314 Million, led by a16z, one of the top crypto venture firms worldwide.

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