UAE based FD7 ventures invests in new DeFi project Serum

UAE based cryptocurrency investment fund FD7 Ventures have added DeFi project Serum (SRM) to their holdings. Built on the Solana chain, Serum is a DEX, or decentralized exchange, and project ecosystem that aims to be a faster solution with transaction fees that are lower than any other DEX. According to Serum's website transaction fees are as low as $0.00001 and are completed with sub-second trading and settlement times.

Prakash Chand, FD7 Ventures Managing Partner, noted that he was "extremely impressed" after learning about Serum co-creator Sam Bankman-Fried, who is also the founder of crypto-derivatives platform FTX and CEO of quantitative crypto trading firm Alameda Research.

Known for his extreme work ethic, including sleeping at his office to get more done, Sam built FTX into the sixth largest crypto exchange by volume just a few years after graduating from MIT. Now, he has stated that his focus is to work towards greater adoption of Solana and to grow the Serum ecosystem, goals that ladder up to his vision of bringing 1 billion people to the DeFi and crypto space.

"Beyond being a visionary and an incredible philanthropist, Sam is someone who gets things done. He has outlined an amazing roadmap to make Serum the fastest and cheapest DEX out there. Not just a little bit faster or more affordable, but exponentially so," said Chand. "In order to reach true scalability where 1B people are transacting in DeFi and crypto, the goal is to be a million times faster than Ethereum. From what I've seen, I believe Sam and his team have the resources to get it done."