March 02, 2024
Taiko, a layer-2 scaling solution provider for the Ethereum blockchain, has secured $15 million in a Series A funding round, bringing its total investment to $37 million. The funding was led by Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital, with additional participation from Wintermute Ventures, Presto Labs, Flow Traders, Amber Group, OKX Ventures, GSR, and WW Ventures.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Taiko | March 2, 2024 | $15M | Series A | $37M | Faction | Roll up, ZK |
Taiko offers an "Ethereum-equivalent ZK rollup," a layer-2 chain designed to facilitate faster and cheaper transactions on the Ethereum blockchain. This rollup leverages zero-knowledge (ZK) cryptography to enhance security and efficiency. In January, Taiko launched its "Katla" test network, marking a significant milestone before its mainnet launch.
Taiko uses "based" sequencing technology, where the sequencer operates from the base, or layer-1, blockchain. This reduces centralization risks and improves security by eliminating a single point of failure. The sequencer's role is to bundle transactions for finalization in a data block.
Taiko faces competition with 44 active layer-2 projects and another 34 upcoming projects, according to L2Beat. Despite the competition, Taiko aims to streamline the layer-2 value chain, reducing friction for developers.
About Taiko Labs:
Taiko Labs is a cryptocurrency firm focused on developing Ethereum Virtual Machine (zkEVM) scaling solutions to enhance Ethereum's transaction capabilities using advanced cryptographic techniques.
Website: https://taiko.xyz/
X Account: @taikoxyz
X Followers today: 942.9K
About Investor
Investor: Faction
Faction is a venture capital firm investing in blockchain technologies, reflecting its commitment to supporting scalable and secure solutions.
Location: United States
Website: https://www.faction.vc/
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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