Sonic Labs Raises $10M From Galaxy to Accelerate US Market Penetration

Quick take:

Sonic Labs, the EVM-compatible high-performance Layer-1 blockchain, has secured a $10 million strategic investment from Galaxy. The news was first revealed by Sonic Labs at Sonic Summit in Vienna, Austria last week.

The investment will be used to accelerate market penetration in the U.S. and enhance its decentralised finance (DeFi) offerings in the region.

The announcement comes amid the continued institutional adoption of digital assets as more countries, such as Japan and Switzerland, have moved to establish clear regulatory frameworks for cryptocurrencies.

With over 1,320 institutional trading companies in its network, Galaxy will leverage its experience in traditional finance to introduce Sonic Labs' high-performance blockchain infrastructure to a wider audience.

“Having Galaxy as a strategic investor brings tremendous value beyond capital. They have many connections and insights across the U.S. and Asia markets that will be very beneficial to the Sonic ecosystem,” said Michael Kong, the CEO of Sonic Labs in a blog post.

Sonic Labs noted that the investment will play a crucial role in its global expansion campaign, providing critical support for its DeFi ecosystem development.

“As institutions increasingly seek blockchain infrastructure that can handle enterprise-level demands, Sonic’s high-performance EVM compatibility offers a compelling solution.

“This partnership also signals the growing confidence institutions have in blockchain’s ability to transform financial infrastructure without compromising the security and reliability standards expected in regulated markets.”