Serum Community Foundation Completes $75 Million Financing, Tiger Global and Others Participate in Investment

Release time:2022-01-09 00:30 source:Internet Copy link share

On January 9, the community-led Project Serum Foundation closed a $75 million round through a token sale, with executives from Tiger Global, Commonwealth Asset Management, Tagus Capital, Golden Tree Asset Management, and several other investors participating in the round . JHL, a contributor to Project Serum, said that this round of token financing allowed investors to obtain a range of different tokens at a discount of 15% below the market price. These tokens are Serum (SRM), Solana (SOL), Raydium (RAY), Bonfida (FIDA), Oxygen (OXY), (MAPS) and Liquid Finance (LQID), all part of the Solana and Serum ecosystem . Investors will also face a 6-year lock-up period, i.e. a 1-year lock-up period and a 5-year linear release. In addition, JHL also said that the round of financing is still ongoing, and the Project Serum Foundation plans to raise an additional $25 million. The foundation plans to use 15% of the new funding to grow the Serum ecosystem, with the rest going to Project Serum’s growth initiatives, such as hosting hackathons and recruiting.

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