Cointelegraph Team
Cointelegraph
Solana-based cross-chain exchange Saber raised $7.7 million in a seed funding round.
The platform launched last month and enables the cross-chain exchange of stablecoins and wrapped assets. Saber Labs, the development team behind Saber, announced the funding round on July 28.
The development team is currently a three-person unit and the firm will use the funds to hire around seven more staff members this year. It will also expand support to more assets on the exchange.
The round was led by venture capital firm Race Capital, 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 such as FTX's Tristan Yver, OKcoin's Jason Lau, Stacks' Ryan Shea, Curve Finance's Julien Bouteloup, and Terraform Labs' Jeff Kuan.
Saber co-founder and CEO Dylan Macalinao noted on Twitter:
“For DeFi to reach millions of users and trillions in value, we need a blockchain that can handle mass scale. Due to its low transaction costs and high performance, we believe Solana is that blockchain.”
The firm’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.
According to data from DeFi Llama, Saber has the second highest total value locked (TVL) on Solana with $185.77 million. Automated market maker (AMM) Raydium is currently sitting at the top with $572.21 million 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.
Cointelegraph reported on June 9 that Solana Labs, the team behind Solana raised $314.14 million through 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:
“The next phase is onboarding a billion users. Solana was built from the ground up to accommodate this scale.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum and XRP steady as China slaps 125% tariff on US, weekend sell-off looming?
The Cryptocurrency market shows stability at the time of writing on Friday, with Bitcoin (BTC) holding steady at $82,584, Ethereum (ETH) at $1,569, and Ripple (XRP) maintaining its position above $2.00.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
Bitcoin, Ethereum, Dogecoin and Cardano stabilze – Why crypto is in limbo
Bitcoin, Ethereum, Dogecoin and Cardano stabilize on Friday as crypto market capitalization steadies around $2.69 trillion. Crypto traders are recovering from the swing in token prices and the Monday bloodbath.
Can FTX’s 186,000 unstaked SOL dampen Solana price breakout hopes?
Solana price edges higher and trades at $117.31 at the time of writing on Friday, marking a 3.4% increase from the $112.80 open. The smart contracts token corrected lower the previous day, following a sharp recovery to $120 induced by US President Donald Trump’s 90-day tariff pause on Wednesday.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.