Quick take:
- The company will use the fresh capital to accelerate the development of the Saros Super App.
- Saros is building a one-stop non-custodial app for global payments, purchases and transfer of digital assets.
- The decentralised finance platform also announced the launch of SarosID, its privacy-preserving digital identity solution.
Saros has announced a $3.75 million fundraising in a private round backed by Solana Ventures, Hashed, Spartan, and Arche Fund. The fundraising also attracted participation from GBV, Assym, IF, Genblock, K300, Cryptomind, Kyros, and Evernew, among others.
Saros is building Saros Super App, a non-custodial Web3 app to serve as a one-stop platform for global payments, purchases and transfer of digital assets.
Built on the Solana blockchain, Saros said it will use the funds to accelerate the development of its app and support its expansion plans. The super app is scheduled for launch in the first quarter of 2024.
This announcement comes nearly two weeks after the company announced the Saros Super App and the $SAROS token on December 26, 2023.
Saros also announced the launch of its privacy-preserving digital identity solution, SarosID, which will be used to accelerate the adoption of the Saros Super App services. The decentralised ID system enables seamless access and encourages engagement with the Saros Super App.
Commenting on the fundraising via a blog post, Saros wrote: “The successful funding round and the imminent launch of new Saros products position us to accelerate growth, foster innovation, and build a more inclusive and accessible financial ecosystem for all. With the support of our investors, we are committed to reshaping the decentralized finance landscape and revolutionizing how users interact with digital assets.”
This fundraising builds on the growing excitement around the Solana ecosystem. The layer-1 blockchain has been headlining key milestones in Web3 with the recent surge in the $BONK meme coin and the sellout of the Saga phone among key highlights.
The platform’s NFT sales have also hit headlines, with its two leading marketplaces Tensor and Magic Eden over 393K SOL ($44.8m) to its users over the past seven days, according to a Dune Analytics dashboard prepared by Andrew Whong.
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