Saber decentralised exchange on the Solana blockchain raises $7.7 million

The Saber Labs startup, behind the development of the eponymous cross-platform decentralised exchange for stablecoins and wrapped tokens (wrapped tokens), raised $7.7 million in a seed funding round. It was led by venture capital firm Race Capital.

Today @Saber_HQ announced a $7.7M strategic fundraise. As the leading stablecoin and wrapped assets exchange on @Solana, our mission is to be the liquidity network for cross-chain DeFi.https://t.co/orDGsmAVIr

— Dylan Macalinao (@DylanMacalinao) July 27, 2021

Saber Labs was backed by Social Capital, Jump Capital, Multicoin Capital and the Solana Foundation, as well as a number of angel investors, including Tristan Iver from FTX and Jason Lau from OKCoin.

In an interview with The Block, co-founder and CEO Dylan Macalinao said that Saber Labs would deploy the funds to expand the team and scale its Solana-based platform.

Currently, it supports Bitcoin and assets built on Ethereum, Terra and Solana. In the future it will be integrated with all major blockchains, notably Polygon and Celo.

The Saber platform began operating in June 2021. According to Macalinao, activity on the exchange has surged—its TVL jumped from $5 million to $128 million in two weeks.

Since our launch last month, we’ve seen explosive growth—skyrocketing from $5M to $128M TVL in just two weeks.

Saber is the third largest app on Solana, only behind @SBF_Alameda‘s @ProjectSerum and @RaydiumProtocol.

— Dylan Macalinao (@DylanMacalinao) July 27, 2021

According to DeFi Llama, Saber is the third-largest application on the Solana network by TVL, exceeding $169 million. Over the last week the metric rose by 103%.

The Phantom wallet operator on the Solana blockchain raised $9 million in a Series A round led by Andreessen Horowitz.

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