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

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.me (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.