Solana Labs, the developer of the Solana blockchain, has raised $314.15 million in a private token sale round led by Andreessen Horowitz (a16z) and Polychain Capital.
Other participants in the round included Alameda Research, CMS Holdings, CoinShares, Jump Trading, Multicoin Capital, Sino Global Capital, and many others. The news comes a few days after some reports said Solana could raise anywhere from $300 million to $450 million.
With fresh capital at hand, Solana Labs plans to launch an incubation studio to speed up the development of projects building on the Solana blockchain and set up a venture investing arm for the Solana ecosystem.
What is Solana?
Launched last year, Solana is seen as a competitor to Ethereum, which today remains the largest blockchain platform for decentralized projects and applications. Solana, however, claims to be faster and cheaper than Ethereum for executing transactions.
Ethereum’s current capacity is about 15 transactions per second. Solana’s curre

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