Just recently, Saber has made an announcement in regards to the completion of a successful funding round. Saber, a cross-chain exchange has announced that the particular round was a seed funding round in particular.
The Solana-base project has announced that from the particular seed funding round, it has managed to generate a large amount. The firm has revealed that it has successfully generated $7.7 million worth of funding from the particular round.
It was just last month that the Saber project had been launched in the market. With the help of the Saber platform, the users would be able to exchange wrapped coins as well as stablecoins. Saber is one of the handful numbers of exchanges that have the ability to execute such cross-chain activities.
The confirmation around the successful funding round was provided by the development team at the Saber network on Wednesday, July 28, 2021. The particular team that does the development work for the Saber network belongs to the Saber Labs.
The details around the team are that it comprises three units, which is too little given the fact that the project has been observing a lot of users following.
Therefore, it was very important and critical for the firm to be funded, so it could increase the number of its workers and developers. This was critical for the enhancement of the projects and the introduction of new products on the Saber cross-chain exchange.
The Saber exchange has announced that it has already decided the allocation of the funds it has generated from the particular funding round. According to Saber, it is going to use the funds to increase the size of its team.
The exchange is aiming to add more employees and staff members to cater to the needs of the project as well as the users coming up with newer demands. The platform is seeing a lot of interest from the users and it is aiming to come up with newer plans to make their lives even more convenient and profitable.
The firm has announced that the hiring will commence soon and they will have the new members join the platform by the end of the year. The exchange has also announced that in the due course, it is aiming to launch more products and services for the users. Therefore, a reasonable portion of the funds would be allocated for such endeavors.
Further details revealed by Saber cross-chain exchange confirm that it was Race Capital that led the funding round. Race Capital is reportedly one of the major and very prominent venture capital firms in the crypto-verse.
Other major investors in the round include the Solana Foundation, Multicoin Capital, Jump Capital, Social Capital, and many more.