Serum Community Foundation Raises $75M

in SteemCoinPan •  4 months ago  (Edited)

A community-led foundation of Project Serum has raised $75M in a token sale from Tiger Global, American Investment Firm (Hedge Fund), and others.

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Different with previously raised funds, the detail of this funding round was revealed.
The investors including Tiger Global were offered tokens at a discount.

Serum is a protocol for decentralized exchanges that build on Solana and is completely permisionless. Serum has been the oldest and one of most important protocol in Solana ecology.

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The investors for this round are Tiger Global, Commonwealth Asset Management, Tagus Capital, Golden Tree Asset Management and more.
The tokens were offered at 15% discount to recent market price including SOL, RAY, SRM, FIDA, OXY, MAPS, LQID, PYTH.

All tokens will be locked for 6 years. One year locking and 5years vesting linearly.

For what the Funds will be used

  1. $15M for Grow Ecosystem
    Support projects such as DeFi, NFT, Gaming/ Business Development, Marketing
    70 ongoing projects on Serum ecology that whole TVL is $2B

  2. The rest of capital $60~85M for growth initiatives
    hosting hackathons, talent acquisition

Source: theblockcrypto, Project Serum

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