Singapore-based NGC Ventures’ $20-million fund forms part of the $100 million of new capital poured into the Solana ecosystem. The other funds come from Huobi, Gate Labs, Hashkey, and MATH Global Foundation.
Solana is a web-scale blockchain founded by former Qualcomm, Intel, and Dropbox engineers in late 2017. It is the first blockchain capable of supporting the future growth of decentralized apps, exchanges, platforms, and more.
The Solana ecosystem has raised over $125 million since January 2021. This injection of funds into the Solana ecosystem will coincide with the Asia leg of Solana’s Global Hackathon.
With the launch of the fund, NGC Ventures said it has made its first strategic investment into Dexlab, a decentralized exchange where the best Solana projects mint and list their tokens.
Aside from the funding, NGC Ventures will also contribute to the Solana ecosystem by offering mentorship based on decades of entrepreneurship experience in the Asia Pacific region, specifically on business development, hiring, as well as prudent treasury and financial management.
“We continue to seek innovative projects that leverage blockchain to disrupt their target markets and this partnership will further unlock the potential of the technology. Together, we look forward to investing in projects with practical use cases that solve not only the problems of tomorrow but those that are holding us back today,” said NGC Ventures founding partner Roger Lim.
NGC Ventures is one of the largest and most active institutional investors of cryptocurrencies. It adopts best practices from traditional financial markets to invest in and incubate leading projects in the crypto industry worldwide.
Its two funds – Fund I and II – have invested in over 100 projects, mostly in blockchain infrastructure and adoption technologies in areas such as De-Fi, Gaming, and Decentralized Computing.