Solana’s Slope Finance Closes $8 Million Series A Funding

Key Insights

• Slope Finance bagged an $8 million funding in a Series A funding round co-led by Solana Ventures and Jump Crypto
• Slope Finance is a direct competitor of other Solana wallets like Phantom and Solitare Solflare
• The larger market plunge took SOL’s price to the lowest since September 2021

The startup behind a digital wallet for the Solana blockchain, Slope Finance, recently closed an $8 million Series A funding round co-led by Solana Ventures and Jump Crypto.

Reportedly, funds will be used to expand the team in the US and for user-acquisition efforts.

What is Slope Finance

Slope Finance, built on Solana, offers a cross-platform wallet with access to Solana Pay, decentralized finance (DeFi) engagement, visualized non-fungible token (NFT) management and token swaps, or the transfer of tokens from one blockchain to another. With the help of the latest funding, the firm aims to expand its team in the US, where Slope launched its first office last month, and for user-acquisition efforts.

Slope launched in September 2021, and the firm claims that its wallet has been downloaded 1 million times as of last month. In addition, the wallet had close to 850,000 monthly active users across the Apple App Store, Google Play, and its Chrome extension as per data provided by the organization. 

Other backers of the recent funding include Sequoia China, Genesis Trading, CMS Holdings, Spark Digital, Circle Ventures, and Huobi. 

Solana Ventures Partner Matthew Beck, in the press release, said:

“We are excited to support Slope’s mission to provide a seamless, cross-platform experience for users to engage with Solana’s DeFi, NFT and gaming ecosystems.” 

That said, Slope has mentioned that the team would soon announce additional ongoing projects, partnerships, and product developments, including a new mobile product. Notably, Slope Finance competes with other Solana wallets like Phantom and Solitare Solflare. 

For now, the company declined to provide more information about the funding. Interestingly, Phantom raised $109 million just last month at a $1.2 billion valuation. In addition, the firm commanded ‘at least 90%’ of the Solana wallet market, making it the leading Solana wallet at press time. 

Solana Price In a Long-term Downtrend

Solana’s price trajectory was in a long-term downtrend as SOL oscillated 68.83% down from its all-time high price of $258.93 made in November. Its price at press time stood at $80.9, which was the lowest level SOL has seen in over six months. 

That said, data from Defilama revealed that there is around $7 billion of value on the Solana blockchain, making it the sixth-largest chain by total value locked.