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Solana has raised US$ 314 million through a private issuance led by Andreessen Horowitz together with Polychain Capital, CryptoMediaNews reported. The token sale round also has other participants, such as CMS Holdings, Alameda Research, CoinShares, Multicoin Capital, Jump Trading, and Sino Global Capital

The funds will be invested in developing applications on the fast and scalable Solana blockchain through an incubation studio. The team should also start a business investment division to expand the Solana ecosystem.

The cryptocurrency industry considers the Solana ecosystem one of the best of all time. Pyth Network, Serum, Raydium are among the 90 projects that the Solana ecosystem currently houses.

Solana projects cover a total value locked (TVL) of almost US$ 1 billion today.