Cryptocurrency exchange, MXC, have joined hands partnering with Solana Foundation, to launch a strategic investment fund that will bring a total of US$20 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.
“We are delighted to have MXC’s support in the growth and development of the Solana Ecosystem. This strategic alignment and sharing of resources will prove to be incredibly valuable for the projects that are currently developing on the Solana blockchain,” said Anatoly Yakovenko, President of the Solana Foundation. “We look forward to working closely with the MXC teams to provide the necessary support for all dApps and projects built on Solana to succeed.”
“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.
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 decentralized exchange (DEX), surpassed $160m total value locked, increasing more than 3000% in less than two months.