PANews reported on May 24 that according to The Block, the Fantom Foundation has completed a strategic financing of US$10 million, led by Hashed, with participation from UOB Ventures, Signum Capital, Aave Foundation, and angel investors such as Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian. The funds from this round of financing will be used to support the Sonic Foundation as well as strategic growth and ecosystem development, with a focus on enhancing the liquidity of automated market makers and money market blue chip pools. In addition, the Fantom Foundation announced plans to establish the Sonic Foundation and Sonic Labs before launching the Sonic blockchain. The Sonic Foundation will manage governance and funds, while Sonic Labs will focus on the development of decentralized applications.
