According to Fortune, the cryptocurrency arm of venture capital firm Andreessen Horowitz has invested $50 million in Solana (SOL) staking protocol Jito.
Brian Smith, executive director of the Jito Foundation, said that the company received a stake in Jito (JTO) in exchange for the investment.
Smith also added that this is the largest one-time investment in Jito to date.
Smith noted that while Jito is not well-known in the cryptocurrency industry, it is an important part of the infrastructure for Solana, one of the most popular blockchains in the market.
At this point, Smith said, “We are firmly committed to Solana's growth.”
Following the news, the JTO price started to rise.
*This is not investment advice.