RockawayX Raises $125M for Solana Startups

RockawayX, a crypto investment firm with over $2 billion in assets, has raised $125 million for its second funding round. This funding will focus on supporting early-stage crypto startups. This is particularly true for those working with the Solana blockchain, decentralized finance (DeFi), and decentralized networks.

Pushing for Focus on Solana

RockawayX is increasing its investment in Solana blockchain, which is known for its high speed, low costs, and easier development than the Ethereum network. The venture capital firm believes Solana could become the leading blockchain, offering products that attract builders and institutions.

RockawayX plans to invest between $62 million and $94 million, 50% to 75%, of its second fund in Solana-based projects. The success of its first funding program helped raise money for the second fund. This is because the funding delivered strong returns with investments in the Solana ecosystem, Wintermute, and Morpho Labs.

The second fund exceeded its $120 million target, and more than 20% is already invested in companies like DoubleZero, Exponent, and Hyperlend.

Funding for blockchain projects has been growing, with more investors putting money into networks that can handle more transactions quickly and at a lower cost. This shows that people believe blockchain technology can change many industries, like finance, entertainment, and blockchain networks.

In March, Haun Ventures, a venture capital firm, revealed it is looking to raise $1 billion for new investment funds in the next three months. Half the $500 million will support early-stage crypto projects, while the other half will go towards advanced crypto investments.

RockawayX: A Multifaceted Crypto Investor

RockawayX has always supported the Solana network, including Solana Labs in 2019. The firm plays an active role by working closely with its projects and offering more than just funding. The exchange provides support for validators, liquidity, and hardware services to help Solana projects succeed.

In addition to venture capital, RockawayX manages a $110 million credit fund, which has been a significant source of on-chain liquidity for years. 

The firm also has an infrastructure division that builds tools like optimized GPUs and runs its European data centers. Its Labs division helps start web3 projects, and its solver unit supports trading platforms.

RockawayX Expands Workforce to Strengthen Crypto Expertise

RockawayX has over 45 employees and plans to expand even further. While many firms are downsizing their workforce, they are currently hiring for infrastructure analyst and Solana product manager positions. This move will help strengthen its expertise in the fast-growing crypto industry.