Singapore, 29 July 2022 – SolanaFM, a leading-edge Solana blockchain explorer offering indexing and analytical services, today announced that it has secured $4.5 million in a seed funding round led by SBI Group’s Digital Asset Opportunity Fund.


The seed funding round that was spearheaded by SBI Group’s Digital Asset Opportunity Fund

attracted the participation of top venture capital firms including Zee Prime, Spartan Capital, Mirana Ventures, Petrock Capital, K3 ventures, D1 Ventures, FT capital, 3Chaps, and several angel investors. Previously in December 2021, SolanaFM managed to secure an important investment amount from a funding round led by Etherscan and Coinhako.


Seven months later, they managed to secure the participation of more heavyweights in the crypto industry. The funds raised will be utilised to enhance SolanaFM’s services and enlarge its manpower to meet increased responsibilities. The company currently manages a workforce of 25 staff who are mainly in the engineering team, with the remaining staff focused on growing the business.


SolanaFM – A Friendly Solana Explorer For Quick Access To Human-Readable Data

SolanaFM is a blockchain explorer that provides many services beyond the typical explorer. The company works closely with protocols within the Solana ecosystem to index their data, and supports businesses outside the ecosystem such as banks and compliance companies to provide them with fast, equitable data.


SolanaFM have partnered with GameFi and DeFi companies like Genopets and Raydium and they are also working with the top 3 compliance companies worldwide to provide a suite of APIs for their monitoring services. Currently, the explorer has over 30 integrations that they launched in March including Magic Eden, Friktion, Tulip Finance and more. Fathurrahman, COO of SolanaFM attributed the large increase in their monthly active users due to its ever-growing innovativeness, friendliness and data accessibility that has attracted the interests of not only GameFi and DeFi companies but also research and staking companies like Chorus One.


SolanaFM’s nascence was motivated by one of the core problems in Solana, which is that data is packaged efficiently albeit at the cost of its readability. The company aims to ameliorate this issue and absolve other pain points in existing explorers’ user experience by offering a dynamically scalable and performant data extractor for human-readable data consumption for their consumers. SolanaFM envisions Solana to be the powerhouse for the widespread adoption of crypto into financial services and therefore, its ergonomic explorer will enable and further empower Solana to be the first blockchain adopted by the next batch of Web2 users.


Nicholas Chen, CEO of SolanaFM, on the company’s vision, “The long-term vision of SolanaFM is to build a vertically-scaled product in Solana’s data space. Unlike other players operating in the similar space, who are focused on carrying multi-chain perspectives right from the beginning, we position ourselves as a simplistic product developer. Like Phantom, we are certain that the angle of creating a “Web 2.5” product, or what I would also describe as, simple products in Web3 made for Web2 user adoption, will be the result of true mass adoption. Following Phantom’s footsteps, we want to make data as humanly readable as possible. When the time comes, we will move on toward a multi-chain yet human-centric data approach”.


“We’re honoured to have these investment powerhouses backing us to spur the growth of SolanaFM both within and outside the ecosystem. With a fresh injection of financing from our latest round of investors, we aim to expand our team to achieve better customer fulfilment rates, support significantly faster development lifecycles and serve Solana users the general-purpose data tools they deserve,” said Fathurrahman, COO of SolanaFM.


On 12 June 2022, SolanaFM released the latest upgrades to their explorer which included improved dashboards, accounts page and transaction flow updates. The company has also collaborated with protocols such as Magic Eden & Bonfida which integrates NFT trading and domains respectively into the explorer.


The future is encouraging for SolanaFM in its pursuit to become the main source of data for everything Solana-related. Founded in 2020, its burgeoning growth is fuelled by young, zestful developers and engineers, that makes them poised to be the leading data infrastructure for Web3 in the near future. The investments and expertise that they have obtained during this seed round will play a significant role in ensuring SolanaFM lives up to its potential.


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Company Name: SolanaFM

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