PE Tech Report


Like this article?

Sign up to our free newsletter

Solana Foundation partners with OKEx and MXC

The Solana Foundation has partnered with cryptocurrency exchanges, OKEx and MXC, to launch two strategic investment funds that will bring USD40 million of new capital to accelerate the growth and development of key projects in the Solana ecosystem. 

Solana’s layer 1 proof of stake network has grown at an exponential rate, with 560+ active community validators around the world who have produced over 70 million blocks and processed over 14 billion transactions. Since the launch of its mainnet beta in 2020, Solana has attracted industry-leading projects like Serum, Chainlink, Terra, Audius, USDC, USDT, and more to deploy on its blockchain.  
“The Solana ecosystem has grown multitudes in the past few months with the volume of projects and active developers skyrocketing quarter over quarter,” said Anatoly Yakovenko, President of the Solana Foundation. “We are tremendously excited to welcome our new strategic partners, OKEx’s Block Dream Fund and MXC, to the ecosystem and look forward to working alongside them to support the next wave of killer dApps, with their ongoing support.” 
Through OkEx’s Block Dream Fund, projects building on Solana will be able to access strategic resources and services that play an integral role in community activation and adoption. This ranges from publicity and endorsements to international marketing support. 
“We are delighted to partner with Solana Foundation and look forward to working together to empower high-quality projects and accompany their development,” says Dora, the Founder of Block Dream Fund. “We will work together to expand the market size and user volume of the blockchain industry, and continue to create value. The Block Dream Fund looks forward to providing continued support to companies building on Solana.” 

In the last month alone, over 50 market-ready projects launched on Solana. These included industry-leading DeFi applications, markets for NFTs, and infrastructure to support the next generation of Web 3 companies. Recent initiatives such as the Solana x Serum DeFi Hackathon saw 100+ project submissions from 3,000 builders, just as Raydium, an automated market maker (AMM) and liquidity provider built on the Solana blockchain for the Serum decentralised exchange (DEX), surpassed $160m total value locked, increasing more than 3000 per cent in less than two months.

“MXC Exchange aims to foster closer collaboration with the most promising blockchain ecosystems, and this investment sets forward our belief and commitment to shepherding the success of the dApps and platforms built on Solana,” said Katherine Deng, Vice President of MXC Exchange. “As the first stop for high-quality blockchain projects, working strategically with the Solana team ties in naturally with our vision and market position.”

MXC Exchange is the leading spot-trading crypto exchange in China and the Asia Pacific region. Established in 2018, MXC has compliance licenses in five countries with 752 pairs and a daily trade volume of approximately USD 4 Billion. By investing in the Solana ecosystem, MXC aims to bring resources and provide guidance to projects looking to access the Asia institutional and retail markets. 

Like this article? Sign up to our free newsletter