The web-scale Solana blockchain has raised $18M in a Series A round led by Multicoin Capital, with participation from Distributed Global, Blocktower Capital, Foundation Capital, Blockchange VC and many more, states the official press release that was shared with iHodl.
As it states, Solana will allocate additional funds toward continued engineering excellence and project management, as the company wraps up work to launch its mainnet and its public DevNet.
According to the announcement, Solana is about to launch the very first web-scale blockchain — a blockchain solution that is capable of hosting applications with the computational bandwidth akin to the modern Internet.
Kyle Samani, Co-Founder and Managing Partner of Multicoin Capital, claims Solana is "the closest thing to the ‘world computer’ blockchain developers conceptualized in the early days of crypto."
"While many developers have proposed sharding solutions for scaling existing layer 1 solutions, all of those solutions introduce a tremendous amount of complexity and create new user experience problems," he added.
Earlier German giant Siemens announced that it plans to use distributed ledger technology in the transport sector
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