Mina Protocol raises $92 million from FTX, Three Arrows Capital and others

The Mina Protocol project raised $92 million through strategic and private sales of the MINA token. The round was led by Three Arrows Capital and FTX’s venture arm, with participation by the exchange itself.

Let’s BUIDL, #MinaCommunity.👷

The Mina Ecosystem has raised $92 Million dollars in a raise led by @FTX_Official and Three Arrows Capital to bolster the growth of developers in the community.

Read more here ➡️ https://t.co/NgpB30GVLe pic.twitter.com/PJqk1PEZlR

— Mina Protocol (@MinaProtocol) March 17, 2022

They were joined by Amber Group, Blockchain.com, Circle Ventures, Finality Capital Partners, Pantera, and a number of other investors, including incumbent ones.

“The funds will be directed to accelerating Mina’s adoption as a leading zero-disclosure Web 3.0 platform by attracting world-class developers,” the statement said.

In March 2021, Mina Protocol launched a privacy-focused blockchain using zk-SNARKs. One of the network’s features is a lightweight structure — storing a full copy of the blockchain requires only 22 KB.

According to the statement, the recipient of the token-sale funds was Mina Ecosystem. The group brings together the teams behind the project’s development, пояснил CEO Mina Foundation Evan Shapiro. He did not disclose other participants or the terms of the token sale.

Following news of the round, MINA’s price rose from around $1.80 to $2.36 — up nearly 45%. At the time of writing, the quotes had corrected to $2.25.

In 2020, Mina Protocol raised $10.9 million and brought total investments to $29.4 million.