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Cryptocurrency News Articles
Solana Interoperability Protocol Zeus Network Raises $8 Million in Token Round
Apr 04, 2024 at 06:24 am
Solana interoperability layer Zeus Network has raised $8 million in a funding round led by Mechanism Capital, with participation from OKX Ventures, Animoca Ventures, and Solana co-founder Anatoly Yakovenko. The seed round, structured as a SAFT, values Zeus Network at $100 million, with tranches ranging from $30 million to $100 million.
Solana Interoperability Layer Zeus Network Secures $8 Million in Token Round
New York, April 3, 2024 - Zeus Network, a pioneering interoperability layer for the Solana blockchain, has successfully concluded a token financing round, securing $8 million in investments. The round was spearheaded by Mechanism Capital, a leading venture capital firm specializing in blockchain and crypto assets.
Joining Mechanism Capital in the investment consortium were notable industry players such as OKX Ventures, Animoca Ventures, Big Brain Holdings, Lemniscap, and The Spartan Group. Additionally, prominent angel investors including Anatoly Yakovenko, co-founder of Solana; Muneeb Ali, co-creator of Stacks; and Andrew Kang, founder of Mechanism Capital, extended their support to the project.
The seed funding round was structured as a simple agreement for future tokens (SAFT), a common investment vehicle in the blockchain industry, according to Justin Wang, founder and CEO of Zeus Network. The fundraising process commenced in September 2023 and culminated in March 2024.
"The round was conducted in tranches at varying valuations, with most of the funding coming in at $70 million and $100 million," stated Wang. The $100 million valuation places Zeus Network among the most highly valued interoperability projects in the Solana ecosystem.
Zeus Network's mission is to bridge the interoperability gap within the Solana ecosystem, enabling seamless communication and asset transfer between Solana and other blockchain networks. By leveraging advanced cross-chain technology, Zeus Network aims to unlock the full potential of decentralized applications by eliminating fragmentation and facilitating frictionless transactions.
The successful token round further strengthens Zeus Network's position as a key player in the rapidly growing Solana ecosystem. The funds raised will be utilized to accelerate the development of the project's interoperability suite, expand its team of skilled engineers, and forge strategic partnerships with industry leaders.
Zeus Network's commitment to innovation and interoperability has attracted a strong community of developers, investors, and users. The project's vision to connect disparate blockchain networks and empower decentralized applications aligns with the broader mission of the Web3 movement.
As the Solana ecosystem continues to expand and mature, Zeus Network is poised to play a pivotal role in fostering interoperability, unlocking new possibilities for developers and users alike. The project's successful token round serves as a testament to its commitment to building a connected and thriving decentralized future.
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