Cryptocurrency venture capital funds accept poured hundreds of millions of dollars into Solana Labs to support farther evolution and execution of decentralized applications and platforms building on Solana.

Solana Labs, the blockchain evolution studio devoted to incubating Solana projects, announced Wednesday that it had raised $314.fifteen meg through a private token sale — marking one of the largest private sales of the yr.

The funding will be used to bootstrap existing and forthcoming decentralized applications and platforms building on Solana. It will too be used to constitute a venture investing arm and trading desk-bound dedicated to the Solana network.

Anatoly Yakovenko, founder and CEO of Solana Labs, outlined his network'south ambitious vision to onboard i billion users, describing the current blockchain environment as an "inflection point alike to the moment that PCs became widely accessible in the 1970s." He continued:

"The next phase is onboarding a billion users. Solana was built from the ground up to suit this scale."

"The side by side wave of innovation in crypto will happen at the application layer. It is easy to imagine endless use cases for crypto as a technology, but building them into real products that millions of people use requires the existence of a high-performance blockchain," said Ali Yahya, a general partner at Andreessen Horowitz. "Solana is a next-generation blockchain that tin meet that high bar."

Solana has received considerable attending of tardily, with dozens of decentralized finance projects having launched on its platform since March. As Cointelegraph reported, one of those projects is Metaplex, a new NFT marketplace that helps artists and content creators monetize their customized collectibles.

The Solana ecosystem has also set up Solverse, an accelerator plan that provides homo resource and advisory back up for projects edifice on the platform. Solverse has recruited 21 discipline matter experts to advise Solana-based startups on their go-to-market strategy.