SG crypto firm banks $4.5m in seed funding from SBI Group, others

Singapore-based crypto firm SolanaFM has raised S$6.3 million (US$4.5 million) in a seed round spearheaded by SBI Group, Sygnum, and Azimut’s Digital Asset Opportunity Fund and participated by Zee Prime and Spartan Group.

(From left) SolanaFM founders Chin Bing Huang, Nicholas Chen, and Fathurrahman / Photo credit: SolanaFM

SolanaFM allows its users to collect and process data within the Solana network, which they can use to create scalable applications and facilitate indexing and monitoring. The platform works with protocols within Solana to index their data, which it can then give to banks, compliance firms, and other similar organizations for relevant services.

In June, the Singapore-based firm rolled out an update to its blockchain explorer to include dashboards, accounts pages, and transaction flow monitoring. The company also inked collaborations with Magic Eden and Bonfida, which integrate NFT trading and domains into SolanaFM’s offering, respectively.

Singapore Management University (SMU) undergraduates Nicholas Chen, Fathurrahman, and Chin Bing Huang founded the startup in 2021. It was then incubated at SMU Institute of Innovation and Entrepreneurship’s Business Innovations Generator the following year.

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According to the company, it sees Solana to be the first blockchain adopted by the next batch of Web2 users.

“The long-term vision of SolanaFM is to build a vertically scaled product in Solana’s data space. Unlike other players operating in a similar space, who are focused on carrying multi-chain perspectives right from the beginning, we position ourselves as a simplistic product developer,” said Chen, who’s also the company’s CEO.

Other investors in the round include:

• Mirana Ventures
• Petrock Capital
• K3 Ventures
• D1 Ventures
• FT Capital
• 3Chaps
• Etherscan
• Angel backers

Currency converted from Singapore dollar to US dollar: US$1 = S$1.39.