Decentralized Finance (DeFi) protocol Solrise Finance (CRYPTO: SLRS), hosted on the Solana (CRYPTO: SOL) blockchain, finished a $3.4 million funding round.
What Happened: According to an announcement shared with Benzinga on Tuesday, the funding round saw the participation of Alameda Research, CMS Holdings, Delphi Digital, Jump Capital, Parafi Capital, DeFi Alliance, Reciprocal Ventures, and Skyvision Capital.
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What It Means: Solrise Finance aims to facilitate the creation and management of portfolios of native and derivative tokens.
The team says that they plan to spend the newly raised capital on building the DeFi ecosystem.
Solrise Finance will be a decntralized finance protocol to allocate capital to actively managed funds and passively automated investment pools in a non-custodial fashion that decreases the need for investors to trust the fund managers.
What Else: Solana is becoming a DeFi powerhouse as its cheap and fast transactions make it an increasingly attractive alternative to its bigger brother Ethereum (CRYPTO: ETH), which spawned the DeFi revolution.
The blockchain's rapidly growing DeFi ecosystem was already rumored to have helped Solana's price move higher.
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