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Billionaire Chamath Palihapitiya Invests In Solana-Focused Startup as SOL Hits New High

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Wed, 11/03/2021 - 17:55
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Alex Dovbnya
Social Capital has invested in a Solana-based company
Billionaire Chamath Palihapitiya Invests In Solana-Focused Startup as SOL Hits New High
Cover image via stock.adobe.com

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Social Capital, the company of Sri Lankan-born Canadian billionaire Chamath Palihapitiya, has spearheaded an $8 million investment round into Syndica.

The Web 3.0 startup is focused on building out the ecosystem of the Solana blockchain.

The Houston-headquartered firm aspires to create cloud-like infrastructure for the next generation of the internet. In order to achieve this, Syndica relies on remote procedure call (RPC) nodes that ensure communication between decentralized applications (dApps) and the blockchain.  

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Palihapitiya, who invested in Bitcoin back in 2013, says that he’s excited about supporting Syndica’s journey:    

Syndica is making it as easy to build in the Solana ecosystem as it is to build in Web 2.0, and we're excited to support this journey.

The former Facebook executive expects Web 3.0 to revolutionize the internet.   

As reported by U.Today, Solana recently surpassed the market cap of Cardano for the first time.

Earlier today, the SOL price climbed to yet another lifetime peak of $234.07.

In September, FTX CEO Sam Bankman-Fried said that Solana was experiencing an increase in institutional interest.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.