Solana's Saber Labs Raises $7.7M in Seed Funding Round Led by Race Capital

Funding will go toward three main areas including hiring, marketing as well as business and product development.

AccessTimeIconJul 27, 2021 at 12:00 p.m. UTC
Updated Sep 14, 2021 at 1:31 p.m. UTC

Saber Labs, a core contributor to a cross-chain stablecoin exchange bearing its name and built on Solana, has raised a $7.7 million seed round.

The funding was led by Race Capital with participation from Chamath Palihapitiya's Social Capital, Jump Capital, Multicoin Capital and Solana Foundation, among others. 

Dylan Macalinao, co-founder and CEO of Saber Labs, told CoinDesk Tuesday via a spokesperson the funding is in relation to the exchange's fast growth and total value locked (TVL).

"Value is locked up in the exchange when liquidity providers deposit assets into a liquidity pool (e.g., the USDC-USDT pool, which currently has $22 million in assets)," said Macalinao. "We expect Saber's TVL to continue to rapidly increase as more projects integrate with Saber's deep on-chain liquidity."

Other notable investors included OKCoin's Jason Lau, FTX's Tristan Yver, Curve Finance's Julien Bouteloup, Terraform Labs' Jeff Kuan and Stacks' Ryan Shea.

The injection of capital for Saber Labs will be directed into three main areas including hiring, marketing and business and product development.

Saber, built atop the Solana protocol, is a cross-chain decentralized exchange and automated market maker platform based around stablecoins – cryptos pegged 1:1 to fiat and/or commodity prices.

Saber uses these stablecoins as a means to trade into and out of tokens on varying blockchains, helping to exchange value across differing ecosystems. 

An algorithm is also built into its design to lower the slippage in trading across assets while maintaining high capital efficiency for liquidity providers, according to Saber Labs.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
First Mover Asia: Bitcoin Holds Above $21K in Weekend Trading; Solana Web3 Phone Faces Long Odds

Ether stays over $1,200; prior blockchain phones have failed because the market has realized their functionalities are already available via apps that can be loaded onto any old phone.

CoinDesk - Unknown
2
CoinDesk - Unknown
Opaque Platforms and Intertwined Protocols Pose Big Risk to Crypto

Second article in a series about risks we’re thinking about during these crypto down days.

CoinDesk - Unknown
3
CoinDesk - Unknown
Putin Weaponizes Inflation

Examining a recent propaganda speech from the Russian leader.

CoinDesk - Unknown
4
CoinDesk - Unknown
Morgan Creek Is Trying to Counter FTX’s BlockFi Bailout, Leaked Call Shows

FTX’s $250 million credit facility offer – if inked as initially proposed – stood to effectively wipe out all BlockFi shareholders, including Morgan Creek Digital, the firm told its investors.

CoinDesk - Unknown