July 24, 2021

VCs bet big on layer-two as StarkWare raises a staggering $75 million

1200 aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvOTBhMTY5YWYtNzNjNS00ZmI1LTg4NzQtNjY4NTNkMTg4NjAyLmpwZw

As Ethereum gas fees soar and the demand for scalability reaches fever pitch, layer-two scaling solution has announced today a $75 million Series B funding round led by Paradigm, Three Arrows, Alameda Research, Pantera Capital, and Sequoia, among others. 

The team announced the raise in a Tweet:

Announcing our $75M Series B, led by @paradigm, with new investors (Three Arrows & @AlamedaResearch), and old ones too (@PanteraCapital, @sequoia, @foundersfund, @DCVC, @Wing_VC).

— StarkWare (@StarkWareLtd) March 24, 2021

StarkWare, which previously raised $30 million in 2018, offers zero-knowledge rollup technology allowing for offchain computation, beefed up transactional throughput, and claims to offer mainnet-coparable security guarantees. CEO Uri Kolodny has cast shade in the past at Ethereum’s native scaling efforts, headlined by the forthcoming ETH 2.0 upgrade. Starkware has formed deals with decentralized exchange projects DiversiFi and dYdX, and more recently announced a NFT-focused offering allowing for highly cost-effective mass minting:

600,000 NFTs *minted* on L2 with a single STARK proof.
Minting an NFT costs less than 10 gas, much less than a pennyTitle: VCs bet big on layer-two as StarkWare raises a staggering $75 million
Sourced From: cointelegraph.com/news/vcs-bet-big-on-layer-two-as-starkware-raises-a-staggering-75-million
Published Date: Wed, 24 Mar 2021 18:00:34 +0000