Slope Finance, a Solana Wallet company, has raised $8 million

Solana Ventures and Jump Crypto co-led the Series A round.

Slope Finance, the company behind the Solana blockchain’s digital wallet, has raised $8 million in a Series A investment led by Solana Ventures and Jump Crypto.

The cash will be used to expand the team in the United States, where Slope opened its first office last month, as well as for user acquisition efforts, according to Slope management.

Sequoia China, Genesis Trading, CMS Holdings, Spark Digital, Circle Ventures, Huobi, and others were among the investors.

Slope is a cross-platform wallet that includes Solana Pay, decentralised finance (DeFi) interaction, graphical non-fungible token (NFT) management, and token swaps, which are the exchange of tokens from one blockchain to another. According to DefiLlama, the Solana blockchain presently has $7 billion in value, making it the sixth-largest chain by that criterion.

Slope, which debuted in September, said its wallet had been downloaded 1 million times and had 850,000 monthly active users across the Apple App Store, Google Play, and its Chrome extension as of last month.

In a news statement, Solana Ventures Partner Matthew Beck said, “We are excited to support Slope’s objective to deliver a seamless, cross-platform experience for consumers to engage with Solana’s DeFi, NFT, and gaming ecosystems.”

Slope stated that the team will provide more information on active projects, partnerships, and product advancements, including a new mobile product, in the near future. More information was not provided by the company.

Solana mobile wallets such as Phantom and Solitare Solflare compete with Slope Finance. Phantom raised $109 million at a valuation of $1.2 billion last month. Phantom claimed at the time that it controlled “at least 90%” of the Solana wallet market.


Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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