Solana is an open-source project that implements a high-performance, permissionless blockchain used by apps and projects. Founded by former Qualcomm, Intel, and Dropbox engineers in late 2017, Solana aims to provide the open infrastructure required for the global adoption of blockchains.
In a statement on Monday, NGC Ventures said the fund is one of five strategic investment funds that will bring $100 million of new capital to the Solana ecosystem, which has already raised over $125 million since January 2021.
The other funds include those from Huobi, Gate Labs, Hashkey, and MATH Global Foundation. The funding will enable Solana to build a censorship-resistant and community-centered ecosystem, according to Anatoly Yakovenko, president of the Solana Foundation.
The injection of funds into the Solana ecosystem coincides with the Asia leg of Solana’s Global Hackathon.
The NGC fund made its first strategic investment into Dexlab, a decentralised exchange where Solana’s projects mint and list their tokens. Aside from the investment, NGC said it also plans to offer mentorship on business development, hiring, and financial management, among others.
Roger Lim, founding partner of NGC Ventures, said the fund will invest in innovative projects that leverage blockchain to disrupt their markets.
“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,” Lim added.
Last December, Singapore government arms, including Enterprise Singapore, Infocomm Media Development Authority, and National Research Foundation, launched a S$12 million ($8.9 million) programme to strengthen the country’s blockchain ecosystem.
Funded by NRF, the ecosystem is called Singapore Blockchain Innovation Program (SBIP) and it aims to align blockchain technology research with the needs of the industry — to facilitate the development, commercialisation, and adoption of wider real-world applications.