Ethereum StarkWare Completes Sequoia Led Funding Round With 50M

According to a press release, ethereum’s second layer solution starkware has completed a $50 million series c funding round led by sequoia capital. A few months ago, the company did a series b round securing $75 million. thus, the company is worth an estimated $2 billion.

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Reading: Starkware ethereum layer 50m sequoia 2bkhatri

one of the largest venture capital firms in the financial sector, sequoia capital has helped companies like google, whatsapp and apple achieve success. The partnership with Starkware began in 2018 when the firm participated in its Series A.

starkware works as an ethereum l2 privacy and scaling solution with a zero knowledge proof protocol that is used to power dydx, sorare, immutable x and other major defi protocols running on that network. these protocols take advantage of a “highly efficient method for blockchain-based computation,” according to the release. uri kolodny, co-founder and CEO of starkware said:

Congested blockchains and high transaction fees are the biggest impediment to building large-scale crypto applications for everyone, to meet the daily needs of the general population. starknet will change this. it will lead to a blockchain construction boom that will make blockchain apps as much a part of our daily lives as smartphone apps.

See also: PYMNTS Blockchain Series: What Is Ethereum? |

Its recent funding round will help the company mitigate one of the most notable issues with ethereum and other blockchains, its transaction speed. this could usher in a new era of cryptocurrency adoption and solidify ethereum’s position as the premier hub for the financial sector of the future.

eli ben-sasson, co-founder and president of starkware, had the following to say on their recent series c funding round and how this ethereum solution could create more opportunity for all:

the math-based technology invented by starkware is the invisible hand that increases the bandwidth of the blockchain, giving it the ability to serve everyone. this assessment makes us more confident than ever in our vision. By allowing blockchains to scale globally, people of all economic levels will gradually be able to stop trusting data in the hands of large companies and instead control it themselves.

ethereum going mainstream with starkwares solutions?

funds secured in this series c will be used to support the introduction of the starknet platform, the statement states. In this way, any user will be able to design and create their own application based on ethereum and blockchain. the company hopes this technology will be used to “power a new generation” of dapps.

related reading | Apple CEO Tim Cook holds bitcoin and ethereum as part of a diversified portfolio

mike vernal, partner at sequoia capital, welcomed the firm’s participation in this round and the long-term partnership formed with starkware. vernal believes that ethereum and its many use cases need to become more scalable to attract more users and fulfill its “potential as a decentralized global computer”.

See also: Heres the truth about the crypto miner that comes with Norton Antivirus – The Verge

we are pleased to announce our series c from $50 million to $2 billion.

Many thanks to our lead investor, @sequoia, our wonderful follow-on investors, and the dozens of partners and ecosystem contributors who participated in this round, for your vote of confidence in our products and technology.

— starkware (@starkwareltd) November 16, 2021

In that sense, vernal called starkware a market leader in terms of scalable solutions, specifically in zero knowledge (zk) roll-ups. redwood mate added:

(starkware is) iterating at a breakneck pace to power a wide range of applications (…). the upcoming release of starknet, a decentralized, permissionless scaling solution for ethereum, will make it possible for any developer to build applications that are much more scalable than l1-based applications.

at press time, ethereum is trading at $4,196 following general market sentiment to the downside with a 2.5% loss on the daily chart.

See also: Bitcoin Cash vs Ethereum: Which Is Better? (2022)

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