Saros raises $3.7M for its DeFi products on Solana

Sarosa suite of DeFi products on Solanahas completed a 3.7 million round of financing from Solana Ventures, Hashed and Spartan.

This Monday, the publisher of blockchain-based decentralized finance product suite Solana Saros announced a $3.7 million financing round on X.

Participants in the fundraising include the venture capital arm of the Solana Foundation and several major VCs in the crypto industry, including Hashed, Spartan and Arche Fund.

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The capital raised will enable the startup to accelerate the development of its products and a new mobile application dubbed Saros Super App.

In line with our vision to create a connected Solana ecosystem, we have expanded our scope beyond DeFi products to include consumer app, payment, identification and dePIN, with the introduction of Saros Super App and SarosID,” reads a post on its blog.

Saros Super App is scheduled for launch in the first quarter of 2024. SarosID is a digital identity solution designed to safeguard privacy. Users can enjoy the benefits of decentralized finance while retaining control over their personal data says the project.

With the support of our investors, we are committed to reshaping the decentralized financial landscape and revolutionizing the way users interact with digital assets,” he concludes.

The Solana network’s TVL has risen sharply since November, exceeding $1.4 billion at the end of December. It now stands at $1.2 billion, according to data provided by tracker Defillama.

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