October 11, 2024
Paradigm, a well-known crypto venture capital firm, announced on Friday that it has invested $20 million in a spinoff company developing a new Layer 2 blockchain aimed at accelerating blockchain development. According to Paradigm, their Chief Technology Officer and General Partner, Georgios Konstantopoulos, will take on the role of CEO at Ithaca. The Layer 2 blockchain being developed by Ithaca, named Odyssey, will be part of a broader technology stack.
Project | Latest Raise | Latest Raise Date | Lead Investor | Category |
|---|---|---|---|---|
Ithaca | $20M | October 11, 2024 | Paradigm | Layer2 |
The Layer 2, constructed using Reth and the OP Stack, is currently live on the testnet. Ithaca is developing a comprehensive suite of products and tools aimed at helping developers expedite their work and reducing friction for consumers, according to Konstantopoulos.
About Ithaca
Ithaca is a company focused on advancing the cryptocurrency frontier by developing innovative blockchain solutions. They are currently working on a new Layer 2 blockchain called Odyssey, which aims to enhance blockchain development by providing a comprehensive suite of tools for developers. Ithaca leverages technologies from existing Layer 2 solutions like Optimism and Starkware to address major challenges in the crypto space.
Website: https://www.ithaca.xyz/
About Investor
Investor: Paradigm
Paradigm is a research-driven technology investment firm that focuses on crypto and related technologies at the frontier. Paradigm takes a deeply hands-on approach to help projects reach their full potential. This includes technical aspects such as mechanism design, security, and engineering, as well as operational aspects like recruiting, go-to-market strategies, and legal and regulatory considerations.
Location: San Francisco, USA
Website: https://www.paradigm.xyz/
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