The Jito Foundation has received a $50 million investment from a16z in a private token sale, according to a company statement.
Jito aims to maximize scalability and economic value on Solana, supporting Solana’s goal of being the home of Internet Capital Markets.
Brian Smith, President of Jito Foundation, called the investment a validation of their mission of bringing onchain finance to the mainstream.
“[Our] goals will continue to be centered around making Solana more transparent, programmable, and rewarding for everyone participating in the ecosystem. This is just another step in building Internet Capital Markets on Solana.”
Ali Yahya, General Partner at a16z crypto, said they are backing the adoption of decentralized finance and Jito is catalyzing growth for the entire Solana ecosystem.
Jito launched its Block Assembly Marketplace (BAM) on Solana in September which is expected to bring new revenue opportunities and advanced app level customization on the blockchain.
In August, there was a registration statement filed for the VanEck JitoSOL ETF, which seeks to support institutional adoption of Solana-native liquid staking.
The ETF is said to provide traditional investors with exposure to onchain staking yields.