Sabre, a Solana-based cross-chain exchange, raised $7.7 million to expand the team and tokens

Sabre, a cross-chain exchange based in Solana, raised $7.7 million in seed funding.

The platform was launched last month and supports cross-chain exchange of stablecoins and packaged assets. Sabre Labs, the development team behind Sabre, announced this round of financing on July 28.

The development team is currently a three-person unit, and the company will use the funds to hire about seven more employees this year. It will also expand support for more assets on the exchange.

This round of financing was led by venture capital firm Race Capital, followed by billionaire Chamath Palihapitiya’s Social Capital, Jump Capital, Multicoin Capital and Solana Foundation.

The seed round was also supported by angel investors, such as Tristan Yver of FTX, Jason Lau of OKcoin, Ryan Shea of ​​Stacks, Julien Bouteloup of Curve Finance and Jeff Kuan of Terraform Labs.

Dylan Macalinao, co-founder and CEO of Sabre points out On Twitter:

“For DeFi to cover millions of users and trillions of dollars in value, we need a blockchain that can handle large-scale. Because of its low transaction costs and high performance, we believe Solana is a blockchain.”

The company’s website Claim The platform provides “low slippage trading, even if the transaction volume is large”. Sabre also provides a passive rate of return based on liquidity through transaction fees.

according to data Sabre from DeFi Llama has the second highest total locked-up value (TVL) on Solana with USD 185.77 million. At the time of writing, Automated Market Maker (AMM) Raydium currently tops the list with a TVL of $572.21 million.

Solana’s goal is to become a more scalable competitor to the Ethereum network, and it will receive attention in 2021 Dozens of DeFi projects Launched on the platform since March.

related: Metaplex NFT market launched on Solana

Cointelegraph reported on June 9 that the team behind Solana Labs Solana raised $314.14 million Through private token sales led by top cryptocurrencies Anderson Horowitz And multi-chain capital.

During the $314.14 million token sale, Anatoly Yakovenko, founder and CEO of Solana Labs, stated that its goal is to attract 1 billion users on the network:

“The next stage is to attract 1 billion users. Solana was built from the ground up to accommodate this scale.”