Solana Based Non-Custodial Asset Management Platform, Solrise Finance Completes $3.4M Funding Round
The funding aims to boost DeFi investment to a “wider class of investors.” Solrise offers investors non-custodial asset management and low transactional fees.
Solrise Finance is the latest DeFi platform to catch the eye of blockchain venture capital firms, raising $3.4 million in a funding round led by Alameda Ventures, a statement released Tuesday reads. The capital raise aims to boost investment in decentralized finance products by kicking down the barriers such as high transaction costs and custodial asset management issues.
The Solrise Finance capital funding saw top blockchain venture capital firms participate in the round, including ParaFi, DeFi Alliance, Delphi Digital, CMS Ventures, Jump Capital, Reciprocal Ventures, and SkyVision Capital.
At the core, the capital funding is aiming to boost participation in Solana-based DeFi projects. By reducing the high costs of transactions and providing a non-custodial asset management platform, Solrise Finance will provide investors and decentralized fund managers with more streamlined access to Solana-based and off-chain assets, including native cryptos and synthetic assets.
The project is a brainchild of developers who also built Solbeach and Solflare, popular blockchain explorer and crypto wallet, respectively. Praising the dev team, ParaFi Capital General Partner Santiago R Santos stated the team would continue to look for promising projects on Solana – Solrise, not being their last investment. Santiago said,
“We’re excited to make this our first (and definitely not our last) DeFi investment in Solana.”
“We’re encouraged by the new possibilities in Solana for DeFi applications and see Solrise as the primary access point for investors and capital in the ecosystem.”
The non-custodial properties of Solrise boost decentralization of fund management whereby investors are “free to enter and exit funds on their own schedule” without consulting the fund managers. Moreover, fund managers never touch investors’ funds.