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Decentralized borrowing and lending protocol built on Solana blockchain, Jet Protocol today announced it has raised $6.8 million in its latest funding round.
According to the announcement, the latest funding round saw participation from existing partners and several other new venture capital firms.
Investors that contributed to the latest funding include Paradigm Ventures, Reciprocal Ventures, Solana Capital, GSR, Three Arrows Capital, Ascendex, Republic Capital, TPS Capital, and others.
Founded in 2021 by Wil Barnes (CEO) and James Moreau, Jet is a lending protocol built on the Solana blockchain with the mission of improving cross-margin borrowing and making lending better in the Decentralized Finance (DeFi) space.
According to Jet, the fresh capital will be used to sponsor and launch more of its protocol, and also bring new innovative ideas “into the real world.”
“We’re not just doing cross-margin borrowing and lending better, but have brought on on additional strategic investors to help usher more of Jet’s protocol, governance, and extensible product ideas into the real world,” Jet said.
Solana is an open-source and censorship-resistant blockchain, it achieves consensus using proof of stake and proof of history and also supports the development of decentralized applications.
Speaking on the development, Raj Gokal, COO at Solana Labs said:
“Decentralized borrowing and lending is a core component of DeFi, and Jet Protocol has been built to take advantage of the speed and throughput offered by Solana. I’m glad to see teams of this caliber with a strong commitment to open-source development continuing to choose Solana.”
The Solana blockchain platform has had a major impact on the blockchain and DeFi space, the Solend founder Rooter previously termed the platform as “the promised land for blockchain.”
Earlier today, Coinfomania reported that the platform entered a partnership with open-source web browser Brave Browser in a bid to improve DApps adoption.
A collaboration that enabled Brave to allow default Solana ecosystem support to its over 42 million active monthly users, giving them direct access to Solana-native DApps.