Solrise Finance, a decentralized finance (DeFi) protocol for the Solana network, has successfully concluded a $3.4-million raise for its non-custodial asset management platform, offering further evidence that the venture capital world continues to seek broad exposure to the digital asset market.
Some of the biggest venture capital names in blockchain supported the Solrise funding round, including Alameda Ventures, Delphi Digital and CMS Ventures. Jump Capital, ParaFi Capital, DeFi Alliance, Reciprocal Ventures and SkyVision Capital rounded out the participants.
The capital raise will go toward making DeFi more accessible to a wider class of investors, Solrise announced Tuesday. This includes reducing adoption barriers like high transaction costs and a lack of clarity around custody solutions. Specifically, Solrise will provide investors with more streamlined access to “cross-section assets,” including synthetic, Solananative and off-chain assets.
Santiago Santos, a general partner at ParaFi Capital, said Solrise is his company’s first, but certainly not last, DeFi investment in Solana, adding:
“We’re encouraged by the new possibilities in Solana for DeFi applications and see Solrise as the primary access point for investors and capital in the ecosystem.”
Solana is shaping up to be one of the largest and fastest-growing blockchain ecosystems. As Cointelegraph reported, Solana Labs concluded a $314-million private token sale in June, capping off a stellar quarter of expansion.
SOL, Solana’s native token, has climbed the crypto market rankings this year due to the rapid uptake of the developer network. With a market capitalization of nearly $9 billion, Solana is the 14th-largest blockchain network in the world, according to CoinGecko data.