NGC Ventures Launches $20 Million USD Strategic Investment Fund to Develop the Solana Ecosystem
Investment will accelerate the growth of key projects and support businesses building on Solana
Fund has already deployed its first strategic investment into Dexlab, a decentralized exchange powered by Solana
Singapore - May 7, 2021 (Investorideas.com Newswire) NGC Ventures, one of the world's leading blockchain investment firms, has announced the launch of a $20 million USD strategic investment fund. In partnership with the Solana Foundation, a web-scale blockchain founded by former Qualcomm, Intel, and Dropbox engineers, the fund aims to accelerate the growth and development of key blockchain projects in the Solana ecosystem.
This is one of five strategic investment funds that will bring $100 million of new capital to the Solana ecosystem. NGC Ventures is joined by exchanges Huobi and Gate.io, HashKey digital asset management group, and MATH, a multi-platform cross-chain wallet. Composed of a growing community of projects building on Solana, the Solana ecosystem has raised over $125M since January 2021. This injection of funds into the Solana ecosystem will coincide with the Asia leg of Solana's Global Hackathon.
Roger Lim, Founding Partner of NGC Ventures, said, "We continue to seek innovative projects that leverage blockchain to disrupt their target markets and this partnership will further unlock the potential of the technology. Together, we look forward to investing in projects with practical use cases that solve not only the problems of tomorrow but those that are holding us back today."
As of May 7th, the fund has made its first strategic investment into Dexlab, a decentralized exchange where key Solana projects mint and list their tokens. In addition to the funding, NGC Ventures plans to contribute to the overall Solana ecosystem by offering mentorship based on decades of entrepreneurship experience, specifically on business development, hiring, as well as prudent treasury and financial management.
Tony Gu, Founding Partner of NGC Ventures, adds, "NGC Ventures is committed to supporting the industry's disruptors of which Solana is a driving force with their unique approach to solving blockchain's scalability problem. Through our partnership, we aim to enable those building within the Solana ecosystem to follow a similar path, innovating and improving the industry."
NGC Ventures leverages its experience of investing in over 100 successful projects including Solana, Algorand, Elrond, Polkadot, and Avalanche, etc. For more information, please visit https://www.ngc.fund
About NGC Ventures
NGC Ventures is one of the largest and most active institutional investors of cryptocurrencies. NGC Ventures adopts best practices from traditional financial markets to invest in and incubate leading projects in the crypto industry worldwide. Both Fund I and II have invested in over 100 projects, mostly in blockchain infrastructure and adoption technologies in areas such as De-Fi, Gaming, and Decentralized Computing. NGC Ventures also incubated NGC StakeX, which is a node-operating division. NGC Ventures has offices in Singapore, Shanghai, and San Francisco.
Solana is a Layer 1 proof of stake protocol delivering decentralized scalability and security for Web 3 applications. As the top-performing blockchain selected by projects with high user activity and transaction volumes, Solana is able to achieve breakneck speeds for processing transactions at average costs less than $0.0001. Founded by former Qualcomm, Intel, and Dropbox engineers in late-2017, Solana is the first web-scale blockchain capable of supporting the future growth of decentralized apps, exchanges, platforms, and more.
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