June 14, 2024
Espresso Systems, a company specializing in blockchain technology, has secured $28 million in a Series B funding round led by a16z Crypto. The round included Polygon Labs, StarkWare, Taiko, and Offchain Labs participation. This funding will be used to enhance Espresso’s products, support the roll-up ecosystem, and expand the team.
Project | Latest Raise Date | Latest Raise | Stage | Total Raise | Category |
|---|---|---|---|---|---|
Espresso Systems | March 21, 2024 | $28M | Series B | $63.1M | Roll ups, Layer 2 |
Espresso Systems focuses on "shared sequencing," an area within blockchain technology. Sequencers verify and batch transactions on layer-2 blockchains before sending them to a layer-1 chain like Ethereum for settlement. Centralization is a common issue with current sequencers, often leading to risks such as network censorship and single points of failure. Espresso’s shared sequencing solution addresses these concerns by using permissionless network nodes.
The company has developed a proof-of-concept integration with Polygon’s zkEVM stack and Optimism’s OP Stack, both on testnet. Espresso’s shared sequencer aims to provide a decentralized approach to sequencing, improving security and efficiency for transactions on layer-2 networks.
Espresso’s primary product, the shared sequencer, enhances scalability and interoperability for rollup applications on the Ethereum network. Additionally, the company is developing a marketplace for shared sequencing, where rollups can auction the right to build their blocks to proposers. This system allows proposers to bid on multiple roll-up blocks, simultaneously acting as a shared proposer for several chains.
Espresso is currently on its fifth testnet iteration and plans to launch its mainnet later this year. The company is focused on creating a scalable and secure blockchain ecosystem, with shared sequencing playing a critical role.
About Espresso Systems
Espresso Systems provides scaling and privacy solutions for Web 3 applications. The company’s core technology shared sequencing, enhances the security and efficiency of blockchain transactions by utilizing a decentralized network of permissionless nodes.
Website: https://www.espressosys.com/
X Account: https://x.com/EspressoSys
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About Investor
Investor: a16z Crypto
a16z Crypto is a venture capital firm that invests in early-stage technology startups, particularly those in the blockchain and Web3 sectors. The firm supports the development of technologies that advance financial and trading infrastructures.
Location: United States
Website: https://a16zcrypto.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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