The funds secured will allow the exchange to expand the platform’s network, which already features popular assets from the Solana ecosystem, as well as Bitcoin (BTC), Ethereum (ETH) and Terra (LUNA).
Saber Labs, the development team behind the decentralised cross-chain exchange for stablecoins and wrapped tokens, has raised $7.7M (~£5.5M) in a seed round of funding led by the venture capital firm Race Capital.
Saber Labs received financial support from Social Capital, Jump Capital, Multicoin Capital and Solana Foundation, as well as a number of angel investors, including Tristan Iver of FTX and Jason Lau of OKCoin.
In a conversation with The Block, the start-up co-founder and CEO Dylan Macalinao said that Saber Labs will direct the investment to expand its staff and scale its Solana-based platform.
It currently supports assets from the Ethereum, Terra, Solana, and Bitcoin blockchains and it is looking to support “every major chain, specifically Polygon and Celo”.
The Saber platform was launched in June 2021. According to Macalinao, the exchange has seen an explosive growth in activity, with its TVL rising from $5M (~£3.6M) to $128M (~£92.9M) in a fortnight.
According to DeFi Llama, Saber is the third largest application on the Solana network with a TVL of more than $169M (~£122M), up 103% in the last week.
Earlier, Solana-based crypto wallet provider Phantom raised $9M (~£6.5M) in a Series A funding round led by Andreessen Horowitz.
Since its launch in June 2021 the cross-chain stablecoin exchange Saber has seen significant growth. It has since become the third-largest app on Solana in terms of total value locked (TVL). Seeking to expand the project’s team and support more assets on the platform, the company has raised $7.7 million from several venture investors.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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