Blockchain startup Solana Labs Inc. says it has raised $314 million of latest funding to develop know-how used within the fast-growing space of the cryptocurrency markets often called decentralized finance, or DeFi.
The funding spherical was led by Andreessen Horowitz, considered one of Silicon Valley’s most distinguished venture-capital corporations, and Polychain Capital, a crypto hedge fund that additionally does VC-style investments.
In a nod to the engineering roots of Solana’s founders, the exact quantity raised within the funding spherical was $314,159,265—the mathematical fixed pi multiplied by $100 million and rounded to the closest greenback.
The transaction was structured as a purchase order of Solana’s SOL digital tokens slightly than a conventional buy of fairness shares.
Solana, whose founding group got here collectively in 2017, launched a blockchain community that supporters say is quicker and extra energy-efficient than the Ethereum or bitcoin blockchains, which may seize up during times of heavy transaction volumes.