Startup Solana Seeks A $2-$10M Raise; DISH and KIN Jumping To A New Blockchain?
U.S television network provider, DISH, is allegedly looking to leverage the Solana protocol for a 5G tokenization project. This blockchain’s fundamentals have also attracted Kin, a payment platform built by Kik and currently runs on the stellar network.
Both DISH and Kin are set use Solana as the building blockchain network in a bid to maximize its scalability feature. The network boasts of a 50,000 TPS according to tests conducted so far; slightly lower than Visa’s 60,000 TPS.
Solana has since set out to seek more development funds with a recent pitch deck (first found by Coindesk) revealing the target amounts between $2 million and $12 million. However, this is yet to be clarified as some other sources point to a strategic $10 million round which will raise the company’s valuation to $125 million.
While DISH creates tokenized on-chain hiring spaces, Kin is running a platform that handles over $1 billion transactions a day. The two entities could benefit greatly from a scalable blockchain network; Kin which was to run on Ethereum ended up on Stellar as a result of this inefficiency. Given the recent developments with Solana, Kin might now move its operations from stellar. The company’s technical advisor, Tanner Philp, noted that they are considering Solana’s protocol to enhance more development;
“Solana is one option we thought could be interesting for Kin so we have been doing some initial evaluations, but right now we have nothing to announce.”
Solana’s pitch deck however claims that Kik will join its network as soon as March, 2020. Despite this success, Solana is currently at legal cross paths with the SEC. The company’s ICO back in 2017 amounted to $100 million worth of Kin tokens and would later raise $20 million in a 2019 Series A funding.