Solana Developer Syndica Raised $8 Million Seed Round From Big Names
Solana (SOL) not only keeps breaking new all-time highs, but also continues to attract attention from institutional investors and strengthen its fundamentals for future gains.
The ecosystem build on top of this network seems to be the top contender to take over a portion of Ethereum’s market share.
Billionaire and early Bitcoin investors Chamath Palihapitiya recently tweeted that they have taken a co-leading position in Syndica, a Solana’s infrastructure developer, seeding round. The investment was made via Social Capital, Palihapitiya’s venture capital firm.
We are co-leading @Syndica_io’s $8m Seed Round. Syndica is building scalable developer infrastructure for the thriving @solana ecosystem – doing for Web3 what cloud providers did for Web2.
They’re hiring so if you want to work at the AWS of Web3, DM @SyndicaisHiring.
The company managed to raise over $8 million. The funds will be used to build “the scalable developer infrastructure for the thriving Solana ecosystem”, as Palihapitiya said in his tweet.
Alongside Social Capital, the round saw participation from major names in the industry such as crypto exchange FTX CEO Sam Bankman Fried with his investment firm Alameda Research. Bankman Fried has been making notoriously public his position in SOL.
Jump Capital, Kindred Ventures, Solana Ventures, Ox Labs, Messari’s Ryan Selkis, CoinShares, DeFiance Capital, Spartan Group, MGNR, Resolute VC, and Untamed Ventures, and others also participated in the round, according to a press release, which explained:
“Syndica is building the next generation of blockchain infrastructure for the Solana ecosystem. Projects lack scalable infrastructure to communicate between the blockchain and the applications themselves. This is the problem co-founder and CEO Ahmad Abbasi and his co-founder brother Danial Abbasi are looking to solve: Web 3.0 lacks the Cloud-like infrastructure that Web 2.0 used to scale to billions of users over the past two decades.
Syndica provides this missing middle layer via RPC nodes that sit between the blockchain and decentralized applications (or DApps), allowing them to read and write data to the blockchain. In addition to the breakthroughs achieved in RPC node scalability, Syndica has a suite of features like advanced logging, audience and RPC usage analytics, and more that will provide developers with the tools and APIs they need to build better products. The team believes the opportunity is a large one: The idea is to be the Cloud of Web 3.0.”
SOL has experienced a 200x price rally in over a year. The network has also seen a massive explosion in terms of developer interest and user activity in a two-month period. Palihapitiya said:
“Web 3.0 is ushering in a revolution of the internet, and developers are on the cutting edge of this change. Syndica is making it as easy to build in the Solana ecosystem as it is to build in Web 2.0, and we’re excited to support this journey.”
As the time of writing, SOL trades at $241 with 5.5% gains on the daily chart.
