Forward Industries announced it has raised $1.65 billion to invest in DeFi protocols on the Solana blockchain. This follows a successful private placement facilitated by major investment firms.
Capital Raising
Forward Industries, a Nasdaq-listed company, announced the completion of a private placement that raised $1.65 billion. Major participants in the placement included Multicoin Capital, Galaxy Digital, and Jump Crypto, which collectively invested over $300 million.
Goals and Plans of Forward Industries
The company aims to position itself as a leading institutional player in the Solana ecosystem. According to Kyle Samani, the newly appointed chairman of Forward Industries and co-founder of Multicoin Capital, the main strategic goal is to invest in Solana’s DeFi protocols, enhancing the network's competitiveness against Ethereum.
Comparison with Ethereum and Solana’s Prospects
Currently, Ethereum remains the leader in the DeFi space, with over $96 billion total value locked (TVL) among 1,601 protocols. In contrast, Solana, with 363 protocols, holds about $13 billion in TVL. Forward Industries' investments may help narrow this gap and drive new liquidity and growth within Solana.
The securing of $1.65 billion and the establishment of a clear strategy for the growth of DeFi on Solana highlight the rising interest from institutional investors in blockchain ecosystems. Time will reveal whether Solana can approach Ethereum’s dominance in decentralized finance.
