S’pore crypto startup SolanaFM raises funding from Coinhako, Etherscan

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Local crypto startup SolanaFM announced today (December 24) that it has completed its seed funding round led by digital asset platform Coinhako and block explorer for the Ethereum blockchain Etherscan.

The amount of funding is not disclosed and will be used to accelerate SolanaFM’s product development, with the primary objective of providing fair access to Solana’s data and growing its user base.

“We were presented with several offerings from other VCs and big players, but we decided to work with Etherscan and Coinhako due to their strong presence in the crypto space, industry and customer base. similar to SolanaFM and their mastery of crypto and business expansion, ”said Nicholas, co-founder and CEO of SolanaFM.

With Coinhako and Etherscan now on board, the two entities will bring their industry experience and expertise by taking on an advisory and mentoring role.

SolanaFM was founded by three undergraduates from Singapore Management University (SMU): Nicholas Chen, Chin Bing Huang, and Fathurrahman.

During their summer vacation at college, the trio searched for some interesting crypto hackathons to work on and that’s when they stumbled upon the Solana Season Hackathon in May.

“We have studied possible solutions for the Solana ecosystem to expand and improve its functional uses. We realized that the Solana ecosystem needed fast, scalable, and composable access to blockchain data so developers could focus on building solutions on top of Solana. From there, we found a similar solution to Etherscan – who is one of our investors – and that’s how SolanaFM was created, ”said Nicholas, who is also the CEO of SolanaFM.

SolanaFM: First indexer for the most scalable blockchain

SolanaFM is the first indexer in the Solana blockchain that allows you to collect and process data with maximum efficiency.

It provides easy access to data within the Solana network, which contains comprehensive historical data from Solana to easily build fast and scalable applications, or simply to facilitate indexing and querying services.

Simply put, this is an indexing engine that allows you to find different sets of data with simple queries. The platform makes Solana easier to use by keeping all relevant information just a few taps away.

“SolanaFM is the simplest gateway to Solana’s raw data. We help our users (who are mostly ecosystem developers) by handling the complex task of archiving data throughout the history of blockchain, enabling users to build data-driven products with a lot of ease, ”said Nicholas.

For example, data analysis platforms can collect historical Solana data from SolanaFM from the start of the network until today for further analysis. More in-depth analysis such as NFT and transaction tracking can also be performed to further improve the health of Solana’s ecosystem to reduce malicious activity.

Image Credit: SolanaFM

According to Nicholas, the startup was first launched with the idea of ​​creating analysis tools and dashboards for Solana projects.

“However, we later found out that different protocols have different variations, wants, and needs. It was not scalable and took a lot of our time. Through feedback from our angels, we turned to the resolution. of an even bigger problem to be solved in the Solana blockchain, namely the provision of raw data and requests.

“From that point on, we focused on perfecting our services by improving read speeds and greater data output among many other technicalities. Since then, our infrastructure has been poised to evolve to handle Solana’s transaction speed and meet the needs of our customers.

Strong growth following strong adoption of crypto

Commenting on the crypto landscape in Singapore, Nicholas said he saw strong government support with the introduction of the Payment Services Act, which helped create a safe, enabling and efficient environment for businesses. of cryptography.

Over the next few months, he predicts that bridging solutions between centralized finance (CeFi) and decentralized finance (DeFi) will surface, such as Coinhako’s Earn, allowing Singapore residents to easily earn interest in addition to their crypto. -coins.

“From there, crypto solutions will generally become easier and more attractive to use, and eventually we will see the true widespread adoption of cryptocurrencies in Singapore,” he added.

To date, SolanaFM has handled over 10,000 queries and a portfolio of over 50 trusted business clients, ranging from CeFi and DeFi companies and family offices.

Since August 2021, the startup has also been working in close collaboration with the Solana Foundation and other major players in the ecosystem such as Metaplex.

He is looking to explore more interesting partnerships and will organize a hackathon in the second quarter of 2022 with the aim of generating new creative ideas for his projects.

Sharing other future business plans, SolanaFM said that it will continually improve and perfect its services for users. As part of this effort, it will further develop its indexer to introduce more functions to provide increased speed and safety.

“Ultimately, SolanaFM’s goal is to become the source of data for all of Solana. We want to make Solana’s financial and NFT data easily accessible and become the “spade of gold” of the ecosystem, ”Nicholas summed up.

Featured Image Credit: SolanaFM

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