SolanaFM S’pore crypto startup raises funding from Coinha, Etherscan – Wired PR Lifestyle Story

Launch of home cryptocurrencies SolanaFM announced today (December 24) that Coinha’s digital asset platform and Ethersum blockchain have closed their turn to fund the seed targeted by the Etherscan blockchain explorer.

The amount of the grant has not been disclosed and will be used to expedite the development of SolanaFM’s products, with the primary purpose of providing fair access to Solana’s data and growing its user base.

“We were introduced to a wide range of other VCs and major players, but we decided to run with Etherscan and Coinhako because of their strong presence in the cryptographic space, similar to SolanaFM’s line of business and customers, and their mastery of crypto and business expansion,” said Nicholas. Founders and CEOs of SolanaFM.

With Coinha and Etherscan now incorporated, the two entities will provide their industry experience and expertise by taking on the role of consultant and mentor.

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

During their summer break from college, the trio searched for interesting cryptographic hackathons to work on and then found out. Solana Season hackathon in May.

“We looked at possible solutions to expand and improve the functional uses of the Solana ecosystem. We realized that the Solana ecosystem needed fast, scalable, and composable access to blockchain data so that developers could focus on building solutions on Solana. From there, we came up with a similar solution at Etherscan — one of our investors — and that’s how SolanaFM came about, ”said Nicholas, who is also the CEO of SolanaFM.

SolanaFM: the first scalable blockchain indexer

SolanaFM Solana is the first blockchain indexer with the highest data collection and processing efficiency.

Solana provides easy access to network data with complete historical data, making it easy to create fast, scalable applications, or simply to index and query services.

It is simply an indexing engine that allows you to find different data sets through easy queries. The platform makes it easy to use Solana by storing all the important information in a few keystrokes.

“SolanaFM is the easiest way to get raw data from Solana. We help our users (especially ecosystem developers) by managing the complex task of archiving data throughout the history of the blockchain, which allows users to easily build data-based products.“Nikolas explained.

For example, data analysis platforms can collect historical data from SolanaFM from the beginning of the network to the present for further analysis. In-depth analyzes such as NFT and transaction tracking can also be done to further improve the health of the Solana ecosystem by reducing malicious activity.

According to Nicholas, the startup started with the idea of ​​building analytical tools and dashboards for Solana projects.

“However, we later found that different protocols have different variations, wants and needs. This was not scalable and needed a lot of time. In the opinion of our angels, we are on the way to tackling a bigger and more unresolved problem in the Solana blockchain, and that is the issue of providing raw data and queries.

“Since then, we have shifted our focus to improving our services, improving read speed and higher data output, among many other techniques. Since then, our infrastructure is ready to scale to manage Solana’s transaction speed and adapt to our customers’ needs.”

Strong growth behind strong crypto adoption

Commenting on the crypto landscape in Singapore, Nicholas said he saw strong government support with the introduction of the Payment Services Act, which has helped build a secure, appropriate and efficient environment for crypto companies.

In the coming months, it is anticipated that bridge solutions between Centralized Finance (CeFi) and Decentralized Finance (DeFi) will emerge. for example Coinhako’s Earn, Allowing Singapore residents to easily generate interest in their cryptocurrencies.

“From then on, cryptocurrencies will generally be easier and more attractive to use, and we will eventually witness the real widespread adoption of Singapore’s cryptocurrencies,” he added.

To date, SolanaFM has processed more than 10,000 inquiries and a portfolio of more than 50 trusted business customers from CeFi and DeFi companies and family offices.

Since August 2021, the startup has also worked closely with the Solana Foundation and other major ecosystem players such as Metaplex.

He is looking at more interesting collaborations and will join hackathon in the second quarter of 2022 with the aim of creating new creative ideas for their projects.

Sharing other business plans for the future, SolanaFM said it will continue to improve and improve services for users. As part of this effort, it will further develop its indexer to include more features to provide better speed and security.

“Ultimately, SolanaFM’s goal is to become du data source to all of Solana. We want to make Solana’s financial and NFT data readily available, and we want it to become the “golden shovel” of the ecosystem, ”Nicholas summed up.

Featured Image Credit: SolanaFM