Solana's stablecoin exchange Saber raises $7.7 million
Saber Labs, one of the key players behind the development of Saber, an exchange that can be used for swapping stablecoins and wrapped tokens, has raised $7.7 million in a seed funding round.
The capital injection for Saber Labs will go towards three main areas: hiring employees, marketing, and business and product development. Saber Labs consists of a three-person team, the CEO of Saber Labs Macalinao plans to hire about seven employees by the end of the year. Macalinao said Saber currently supports assets from the Ethereum, Solana, Terra, and Bitcoin blockchain, and that it aims to support every major chain, specifically eyeing Polygon and Celo.
Several investment firms and angel investors participated in the funding round
Race Capital led the funding with participation from Chamath Palihapitiya's Social Capital , Jump Capital, Multicoin Capital, Solana Foundation. Several angel investors also participated in the round, including FTX's Tristan Yver, Jason Lau from OKcoin, Curve Finance's Julien Bouteloup, Terraform Labs' Jeff Kuan, and Ryan Shea from Stacks.Saber is a cross-chain decentralized exchange
Saber, which is built on the Solana protocol, is a cross-chain decentralized exchange and automated market maker platform based on stablecoins pegged 1:1 to fiat or commodity prices. According to Saber Labs, an algorithm is also built into the design to reduce the volatility of trading different assets while ensuring high capital efficiency for liquidity providers.Saber uses these stablecoins to trade tokens on different blockchains and helps exchange value across different ecosystems. The exchange could be compared to what Curve does on Ethereum. Another competitor of Saber on Solana is Mercurial Finance, which only supports four assets compared to Saber's 15+ assets.
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