Zeta Markets Raises $5 Million in Funding Round
Solana-based decentralized exchange Zeta Markets has successfully raised $5 million in a recent funding round led by Electric Capital, alongside other investors like Digital Asset Capital Management (DACM), Selini Capital, and Airtree Ventures.
Notable angel investors, including Anatoly Yakovenko of Solana and Mert Mumtaz of Helius, also participated in the round.
The funding round, structured as a simple agreement for future tokens (SAFT), concluded last week. Zeta plans to utilize the funds to accelerate the development of its Solana Layer 2 rollup, aiming for a launch later this year.
Zeta’s Layer 2 rollup, built on Solana blockchain, aims to enhance trading efficiency and user experience by leveraging Solana’s capabilities for settlement and data availability. This initiative aligns with Zeta’s goal of offering a high-performance trading platform that rivals centralized exchanges.
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The testnet for Zeta’s Layer 2 rollup is expected to launch in Q4 of this year, with the mainnet rollout planned for Q1 of 2025. In addition to technology development, Zeta plans to expand its team across engineering, marketing, and community-building functions.
Zeta is also preparing for the launch of its governance token Z and a distribution of 100 million tokens through an airdrop. The token launch is scheduled for this quarter, with further details to be announced soon.
Since its establishment in 2021, Zeta has become one of the leading derivatives exchanges on the Solana blockchain, boasting over $6 billion in all-time trading volume on its platform.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
