Solana (SOL) startup Pye Finance raises US$5 million in seed funding

Solana (SOL)-based startup Pye Finance has raised US$5 million in seed funding. On the 8th (local time), according to crypto asset (cryptocurrency) specialist media CoinDesk, the investment round was co-led by Variant and Coinbase Ventures.

Solana Labs, Nascent, and Gemini also participated in this round. Pye Finance is pushing to build a marketplace on the Solana ecosystem where Time-Locked Staking Positions can be traded.

The marketplace Pye Finance is building focuses on making locked-up staking assets transferable. The goal is to enable users to more easily package and trade staking positions with fixed terms. Through a structure that supports trading of Time-Locked Staking Positions, Pye Finance aims to increase the mobility and utility of locked assets.

Market observers are noting that Solana-based crypto asset services are expanding in line with diversification of staking asset management methods. Pye Finance is concentrating on designing Time-Locked Staking Positions in a tradable form to create an environment that makes it easy to structure fixed-term products.

With this US$5 million seed funding, Pye Finance is expected to accelerate building staking position trading infrastructure within the Solana ecosystem. However, specific service operation methods and launch schedules are likely to be judged by the market depending on whether additional details are disclosed.