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According to a press release, Solana-based non-tradable token marketplace Magic Eden has raised $130 million in a Series B funding round. The round was led by Electric Capital
According to a press release, Solana-based non-tradable token marketplace Magic Eden has raised $130 million in a Series B funding round.
The round was led by Electric Capital and Greylock Partners. It also included Lightspeed Venture Partners, Paradigm and Sequoia Capital. Investors valued the project at $1.6 billion.
Speaking to The Block, Magic Eden co-founder Jack Lu said that participants in the round were impressed by the rapid growth of market share in the Solana ecosystem.
Launched less than a year ago, the platform is third in terms of trading volume in the NFT segment.
Lu added that the market is developing a promising segment of gaming NFTs:
“Investors are very optimistic about our expansion into this space.”
The project team will use the funds raised to develop the NFT p2p marketplace and the Launchpad platform that helps publish coin collections.
The developers also plan to support other blockchains in addition to Solana. Details of the multi-chain strategy will be released “in the coming weeks.”
The project team consists of approximately 100 people. Lu said the company plans to increase its workforce by about 50% in the next 6 to 12 months.
Recall that in March Magic Eden raised $27 million in its Series A funding round.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
