San Francisco, CA, November 20th, 2023, Chainwire
Saga Receives Seed Funding Round from Placeholder
Saga announced the raise of its $5 Million seed extension round led by Placeholder, a deal financial resources firm investing in decentralized protocols and Web 3.0 services. Additional investors include Longhash Ventures, Com2uS, Dispersion Financial resources, Red Beard Ventures, Tykhe Ventures, and AVID3. The total amount raised by Saga is now $13.5 million.
“Saga’s vision is to unblock developers from the high barriers to successfully building in web3,” stated Rebecca Liao, Co- founder and CEO of Saga.
Saga will work on expanding its team of technologists and building its community via partnerships and the Saga Innovator Program. It has 295 Innovator projects building on its protocol and expects over 300 when the Saga Mainnet launches in early 2024. Saga has partnerships with projects including Polygon, Avalanche (AVAX), and Celestia.
“We expect blockchain architectures in the coming years to be much more reminiscent of cloud architectures, with Saga purpose-built to assist usher in that future,” stated Chris Burniske, Partner at Placeholder
Saga launched its Incentivized Testnet (ITN), named Pegasus, which logged over 150,000 transactions and opened 30,000 wallets in two weeks. It intends to airdrop tokens to Pegasus participants.
Saga’s Integrated Stack
Saga’s Integrated Stack is expected to disrupt Web 3.0 for developers by supplying on-demand blockspace provisioning and fast transaction finality on Chainlets. The protocol offers automated, high-performance, gasless, interoperable, and customizable chains.
Saga was established in 2022 and recognized as a leading development ecological system in cryptocurrency and Web 3.0 gaming. It offers a developer environment of the future where creators can build easily. The protocol’s early seed investors include Placeholder, Maven11, Longhash, Samsung, Com2uS, and Polygon. Saga has furthered its presence by bringing typically the best ecological systems into its Saga Multiverse through strategic partnerships.
Hot Take: Saga’s Vision and Impact
Saga is leading the way in Web 3.0 development with support from investors and innovators. The protocol is focused on empowering developers and ensuring the abundant and simple access to blockspace.
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