Ethereum Layer-2 Network Scroll raises $50m in new funding round

Ethereum Layer 2 Network Scroll Raises $50M in Funding Round

TL;DR Breakdown

  • Scroll, an Ethereum Layer 2 network, has raised $50 million in a new funding round.
  • Scroll’s total valuation is estimated to be $1.8 billion.

Scroll, a Layer 2 Ethereum network utilizing zk-rollups technology, has announced that it raised $50 million in its most recent funding round. Participants included Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures, and Qiming Venture Partners. According to a source with direct knowledge of the matter, this brings Scroll’s total valuation to an estimated $1.8 billion. The company has raised $83 million in funding, following two earlier rounds that had not yet disclosed their respective valuations.

How Scroll uses zk-rollup technology to increase Ethereum scalability

Founded in 2021, Scroll aims to bring Ethereum to a billion users. As a Layer 2 network, it works by processing transactions off-chain and then porting them back to Ethereum, thus increasing transaction speed and reducing costs. Scroll looks to revolutionize how people interact with blockchain technology through this innovative approach.

Scroll’s zk-rollup technology enables scalability on its network. Recently, Scroll launched its zero-knowledge Ethereum virtual machine (zkEVM) on the Goerli testnet, marking a move out of the pre-alpha testing phase. According to co-founder Sandy Peng in an interview, traction on the pre-alpha testnet was strong, with one million unique addresses and 16 million transactions. The mainnet launch is estimated to be within the next three to four months.

Scroll is one of several Ethereum scaling networks that use zk-rollups, such as Polygon, StarkWare, and Matter Labs. According to Peng, Scroll’s competitive edge lies in its three core values: community-driven, security first, and decentralization at every level. With the recently acquired capital, Scroll aims to continue developing its product, launch its mainnet and grow its ecosystem. Additionally, Scroll intends to expand its current team of 60 to nearly 100 soon.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Damilola Lawrence

Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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