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Crypto Startup Solana Raises $314 Million to Develop Faster Blockchain

Blockchain startup Solana Labs says it has raised $314 million of new funding to develop technology used in the fast-growing area of the cryptocurrency markets known as decentralized finance, or DeFi

In a nod to the engineering roots of Solana’s founders, the precise amount raised in the funding round was $314,159,265—the mathematical constant pi multiplied by $100 million and rounded to the nearest dollar.

Solana, whose founding team came together in 2017, launched a blockchain network that supporters say is faster and more energy-efficient than the Ethereum or bitcoin blockchains, which can seize up during periods of heavy transaction volumes.A blockchain is a distributed piece of software running on multiple computers, potentially all over the world, that allows people to trade cryptocurrencies without any centralized authority overseeing the process.

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