Zilliqa co-founder’s Altlayer raises $7.2 Mn in seed round of funding
- ByStartupStory | July 4, 2022
AltLayer, a Singapore-based blockchain firm, has raised US$7.2 million in seed funding. The round was led by Polychain Capital, Breyer Capital, and Jump Crypto. Balaji Srinivasan, who previously worked as CTO of Coinbase also participated in the round.
Other investors in this funding round include Circle co-founder Sean Neville, Ethereum co-founder and Parity Technologies CEO Gavin Wood, Messari founder Ryan Selkis, Synthetix co-founders Kain Warwick and Jordan Momtazi.
AltLayer was founded by Yaoqi Jia, co-founder of blockchain firm Zilliqa and former director of Parity Asia. With this freshly raised capital in hand, AltLayer aims to expand its current team in the near future, said Jia. The firm plans to launch a testnet later in the year and raise series A funding in Q3 or Q4 2022.
A new venture founded last year, AltLayer helps blockchain app developers set up a disposable layer to withstand surges in traffic, such as during minting events. At the point when the traffic returns to typical, those developers can set up a rollup secured got by a Layer 1 convention (like Ethereum) and discard it. The company’s services can be used by those who are developing NFTs, blockchain-based games, and metaverse projects.
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