Corporate Finance News / Quotidien
              


Mercredi 28 Juillet 2021

$7.7 Million in Funding Secured for the “TransferWise” of Cross-Chain Digital Asset Exchanges


Saber Labs Raises $7.7M led by Race Capital With Participation From Chamath Palihapitiya’s Social Capital, Jump Capital, and More To Expand Its Cross-Chain Stablecoin Exchange



Saber Labs, a core contributor to Saber, the first Solana-based cross-chain stablecoin exchange, today announced it has secured $7.7 million in a seed round led by Race Capital, with participation from Chamath Palihapitya’s Social Capital, Jump Capital, Multicoin Capital, Solana Foundation, and others, as well as crypto industry leaders from FTX, Okcoin, Curve, Terra, and Stacks. With the newest injection of funds, Saber will continue to expand its decentralized liquidity network, which already includes assets originated from Solana, Bitcoin, Ethereum and Terra.

Saber helps users trade digital assets quickly and efficiently, using the Solana blockchain. The exchange is focused on supporting robust stablecoin markets. Since decentralized assets from one blockchain can’t natively exist on another, stablecoins offer an easy way to trade into and out of tokens on different blockchains and exchange value across the ecosystem. Saber’s innovation is an advanced algorithm that enables low-slippage trading while maintaining high capital efficiency for liquidity providers (LPs).

Saber also helps market makers earn yield in exchange for providing liquidity to the Saber platform. These users deposit tokens into Saber liquidity pools and earn passive yield generated from the transaction fees on the network and token-based incentives. In the near future, they will also be able to earn from automated DeFi strategies. As a decentralized protocol, Saber’s deep liquidity network can be seamlessly integrated into other DeFi apps.

“The number of decentralized finance (DeFi) users continues to grow at an impressive pace, increasing by 50% in the first quarter of 2021 alone.” said Dylan Macalinao, Co-Founder and CEO of Saber Labs. “However, DeFi’s adoption is ultimately limited by the scalability of the most popular blockchains, which have become slower and more expensive during periods of heavy use. Compared to Ethereum’s approximate rate of 15 transactions per second (TPS), Solana can support up to 50,000 TPS, representing a 7,500x increase. As Solana’s core cross-chain liquidity network, Saber seeks to help facilitate and accelerate the transfer of assets between Solana and other blockchains.”

Saber has seen extensive growth since its beta launch last month, attracting over $100 million in exchange liquidity. It has since become the fourth-largest application on Solana in terms of total value locked (TVL). By being the first Solana-based decentralized exchange to support key assets like Ren Bitcoin and Dai, Saber has quickly grown its global user base as the industry moves towards cross-blockchain interoperability.

“Saber is changing how cryptocurrency moves globally. Saber can do for cross-chain digital asset exchange what TransferWise did for international currency trading,” said Anatoly Yakovenko, President of the Solana Foundation. “Through providing the liquidity foundation for stablecoins on Solana, Saber can unlock the ability for quick, seamless transactions across blockchains.”

“I believe in the Macalinao brothers. Saber will become one of the core infrastructure layers for DeFi, as well as the number one DeFi app in terms of total value locked (TVL) within the Solana ecosystem,” said Chris McCann, General Partner at Race Capital and early Solana investor. “Dylan and Ian will no doubt make a huge impact in the DeFi universe.”

Saber Labs was founded by brothers Dylan and Ian Macalinao, who previously were founding team members at Pipe; less than a year after launch, Pipe’s trading platform for recurring revenues reached a valuation of $2 billion. In June 2021, the Macalinao brothers became the first-ever Founders-in-Residence at Solana Labs, which recently announced a $314 million fundraise led by Andreessen Horowitz and Polychain.

About Saber Labs
Saber Labs contributes to Saber, the leading cross-chain stablecoin exchange on Solana. Saber provides the liquidity foundation for stablecoins, which is a type of cryptocurrency whose value is pegged to another asset, like the US dollar or bitcoin. As Solana’s core cross-chain liquidity network, Saber helps facilitate the transfer of assets between Solana and other blockchains. Market makers deposit crypto into a Saber liquidity pool to earn passive yield from transaction fees, token-based incentives, and eventually automated DeFi strategies.
www.saber.so

About Race Capital
Race Capital (https://race.capital/) focuses on investing in exceptional founders who are building market-transforming companies in the data, enterprise, infrastructure, and fintech sectors. Our team includes Alfred Chuang (founder of BEA Systems acquired by Oracle for $8.6 billion), Phil Chen (ex-Horizons Ventures), Chris McCann (ex-Greylock Partners), and Edith Yeung (ex-500 Startups). Our previous investments include Slack (NYSE: WORK), Agora.io (NASDAQ: API), Solana, FTX, and many other great companies.

Disclaimer: The text above is a press release that was not written by Finyear.com.
Avertissement : Le texte ci-dessus est un communiqué de presse qui n'a pas été rédigé par Finyear.com.


Nouveau commentaire :
Twitter

Your email address will not be published. Required fields are marked *
Votre adresse de messagerie ne sera pas publiée. Les champs obligatoires sont indiqués avec *



Finyear Coffee: Your Morning Newsletter