Offchain Labs raised $120 million led by Lightspeed Venture Partners in its Series B financing Tuesday, aiming to increase Ethereum contracts to fulfill the rising demand for Ethereum transactions.
Other traders embody Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research, Mark Cuban, and many others., taking part on this financing.
Offchain Labs acknowledged that it could use the funds raised to additional develop the “Optimistic Rollup” extension answer Arbitrum for layer 2 of Ethereum.
As a part of the financing settlement, Lightspeed’s co-founder Ravi Mhatre additionally joined the corporate’s board of administrators.
Another Partner at Lightspeed, Amy Wu, responded to this funding:
“Their dedication to the Ethereum developer community is second to none and they have the best, easiest-to-use scalability product. That’s why over 400 projects have chosen to launch with Arbitrum, including Reddit.”
Arbitrum One is a layer 2 ecosystem based mostly on the Ethereum community formally launched by Offchain Labs in May, supporting customers to commerce at extraordinarily low costs.
At current, some DEFI protocols based mostly on Ethereum, together with Aave, MakerDAO, Chainlink, and Uniswap, have been constructed on Arbitrum One.
“We are excited to partner with our investors who understand the importance of scaling Ethereum and bringing the Ethereum ecosystem to the masses. The tremendous support we’ve seen from developers across the globe validates our mission to be the first to marry the world of FinTech and Defi,” the Co-founder and CEO of Offchain Labs, Steven Goldfeder, says.
Image supply: Shutterstock