StarkWare’s Ethereum (ETH) layer-2 developer has raised an additional $ 100 million in its latest round of funding, despite the prevailing downturn in cryptocurrency markets.
StarkWare’s Class D fundraising shows the company’s valuation of up to $ 8 billion, marking a quadrupling of value just six months after its C-Series in November 2021. The technology investment firm Greenoaks Capital led the latest fundraising round as well as a private limited company. Coatue, Tiger Global and other investors.
StarkWare has established itself as a major player in the Ethereum lag-2 scaling space, boasting more business performance than the Bitcoin network and overall more than any other lag-2 platform in 2022.
The company uses rolling technology for its Ethereum layer-2 scaling platforms. By creating proof of validity, more commonly known as zero-knowledge proof, StarWare says it is possible to add huge batches of transactions to the Ethereum network.
Co-founder and president Eli Ben-Sasson, along with other computer scientists, pioneered ZK-STARK cryptography. Zero-knowledge scalable transparent argument knowledge is a proof-of-use system that uses new-age encryption to encrypt and verify business data – ensuring security, flexibility and resistance to dosing computers.
The technology, which is based on two StarkWare systems, StarkEx and StarkNet, has proven to be popular. StarkEx is a measure used by the popular unchangeable marketplaces of Sorare, ImmutableX and dYdX, but StarkNet is a distributed application development network.
Ben-Sasson and StarkWare founder and CEO Uri Kolodny spoke to Cointelegraph about the latest round of fundraising, driven by outside investors’ demand for the long-term potential of layer-2 technology.
“We consider ourselves to be on a long, challenging and challenging expedition to invent and develop technology that has not existed before and bring it to market as a software product offering with ecosystems around it. “Everything that requires a lot of capital to enable us to focus on the long term,” Kolodyny told the Cointelegraph.
StarkWare will use the latest $ 100 million cross-line fundraising round to develop its ecosystem around the software tools it builds. Ben-Sasson also pointed out that StarkEx’s talent was a major draw for investors, which would ensure that the platform would remain the focus of the company:
“Investor ratings must be based on proven, tested metrics and current benchmarks all come from StarkEx. We made more NFTs than any other platform, we are making up more trades today than Bitcoin and there have been weeks where we have made up more than Ethereum.
President StarkWare said these measurements are reflected in the company’s $ 8 billion valuation and aim to build on StarkEx’s success to date, but hope that StarkNet will continue to attract developers.
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Ben-Sasson acknowledged that the ability of the underlying technology to achieve current flexibility and greater was not surprising given the mathematical theory behind it. However, lending was granted to the ecosystem that has adopted StarkEx:
“What’s a pleasant surprise and a lot of credit goes to the ecosystem and our original partners Diversify, dYdX, Sorare and ImmutableX, is the ability to take this core technology that allows you to get the completeness of scale calculations and bring it to the end users in such a successful and effective manor. “
The current downturn in broader cryptocurrencies markets has been a cause for concern, but StarkWare founders believe that their fundraising efforts are signaling to the wider ecosystem that smart investors are seeing a silver lining, despite the gloomy outlook.
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