Why Billionaire Chamath Palihapitiya Invested In The Solana Ecosystem

A top performer in the crypto market, Solana (SOL) continues to attract attention from institutional investors and strengthen its fundamentals for future gains. In that sense, the ecosystem build on top of this network seems poised to become the prime contender to take over a portion of Ethereum’s market share. Related Reading | Solana Breaks $80 Barrier, Why It Could Still Climb 4x From Here Billionaire and early Bitcoin investors Chamath Palihapitiya recently revealed a co-leading position in Syndica, a Solana’s infrastructure developer, seeding round. The investment was made via Social Capital, Palihapitiya’s venture capital firm. The company managed to raise over $8 million. The funds will be used to build “the scalable developer infrastructure for the thriving Solana ecosystem”, as Palihapitiya said via Twitter. Alongside Social Capital, the round saw participation from major names in the industry such as crypto exchange FTX CEO Sam Bankman Fried with his investment firm Alameda Research. Bankman Fried has been making notoriously public his position in SOL. In addition, Jump Capital, Kindred Ventures, Solana Ventures, Ox Labs, Messari’s Ryan Selkis, CoinShares, DeFiance Capital, Spartan Group, MGNR, Resolute VC, and Untamed Ventures, and others also participated in the round, according to a press release. CoinShares’ CSO Meltem Demirors commented the following on her firm’s investment in Syndica: (…) delighted to bac...