Matter Labs Announces $50M In New Funding
Matter Labs, the company behind zkSync, an Ethereum Layer 2 scaling protocol, announced US$50M in new funding today (in addition to US$6M raised at Series A in February this year).
The Series B financing was led by Andreessen Horowitz and included existing investors Placeholder, Dragonfly, and 1kx. A second financing was closed with strategic partners such as Blockchain.com, Crypto.com, Consensys, ByBit, OKEx, Alchemy, Covalent and joined by the founders and leadership of AAVE, Paraswap, Lido, Futureswap, Gnosis, Rarible, Aragon, Liquity, Celer, Connext, Perpetual, Euler, Opium, and 70 more.
“It is a mission-driven project, our long-term goal is to make self-sovereign participation in the digital economy — that is, maintaining true control over one’s digital assets — affordable for anyone in the world.”—lex Gluchowski, Co-Founder and CEO of Matter Labs
zkSync fully inherits Ethereum’s security guarantees by adopting the ZK rollup architecture — the only blockchain scaling approach that relies on pure cryptography instead of collectively trusted validators, bridges, or watchers. ZK stands for Zero-Knowledge (Proofs), a family of sophisticated protocols for attestation of computational integrity.
Matter Labs intends to use the funds to expand its scientific and engineering teams and finance its business growth.
ABOUT Matter Labs
Matter Labs is the pioneer of Zero-Knowledge Proof technology on Ethereum. The company has launched the first-ever public ZK rollup prototype in early 2019, was the first to implement recursive ZK proofs on Ethereum, and created the world’s first practical FPGA-based hardware for ZKP acceleration in 2020. Matter Labs recently launched a zkEVM testnet, making zkSync the first ZK rollup capable of executing native Ethereum smart contracts.
ABOUT zkSync Protocol
zkSync is a ZK rollup, a Layer-2 scaling solution that preserves the security properties of the underlying blockchain by leveraging the latest generation of succinct zero-knowledge proofs.
RESOURCES
Medium
