Chamath Palihapitiya’s Social Capital to invest in Solana-based Saber protocol

Saber, a cross-chain stablecoin and wrapped tokens exchange built on the Solana protocol, recently announced that it had raised $7.7 million in a just-concluded seed funding round led by Race Capital.

Other venture capital firms that participated in the equity funding round include Jump Capital, Multicoin Capital, Chamath Palihapitiya’s Social Capital, and Solana Foundation, among others.

The $7.7 million investment round also received contributions from popular crypto experts such as OKCoin’s Jason Lau, FTX’s Tristan Yver, Curve Finance’s Julien Bouteloup, Terraform Labs’ Jeff Kuan, and Stacks’ Ryan Shea.

According to Saber Labs, the core team behind the project, the funds will be channeled toward major areas such as marketing, business, product development, and team expansion.

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